No Change in Bank of England Base Rate
With Brexit looming, the housing market is showing signs of strain at the uncertainty of whether the country will leave with or without a deal.
Whilst this is something that only offers a ‘wait and see’ approach to most of us, there is some positive news. For those on standard variable rate or tracker mortgages because this month the Bank of England have left the Base Rate unchanged meaning the there will be no imminent rise on the repayments of those whose repayments echo the Base Rate.
This decision coincides with the announcement that the Bank also forecasts the worst year in terms of growth since 2009, announcing an anticipated growth rate of just 1.2% for 2019.
It is believed that much of this is based on evidence seen by the Bank of England that businesses were being more cautious on the run-up to Brexit and therefore were looking to cut costs.
In addition to this, the Bank of England has suggested a 25% chance that the UK will fall into recession later this year.
There is a lot to consider when it comes to the housing and mortgage market this year and this is where professional mortgage advice comes in. Getting the right, tailored advice for you and your circumstances can make all the difference to your household outgoings and we offer free initial advice. What are you waiting for, give the team a call today on 03333 44 85 11 or email firstname.lastname@example.org