An expected announcement considering a couple of days ago, BBC News announced that they were "widely expecting the committee to keep rates at the current level."
It's almost bewildering how many homeowners we've come across who hear this sort of news and just sit on it.
Perhaps it's a lack of understanding of how it all works because we've so often found ourselves utterly confused after reading the many media articles swirling around after an announcement like this.
So, in this article, we won't delve into the intricacies of base rates. Instead, we'll focus on what we're experts in.
We are experts on the impact of a mortgage rate on your property, your decisions and your portfolio.
Let's get into it.
Improved mortgage products across the board.
In short, the base rate directly impacts mortgage rates, so if the base rate is reduced, mortgage products will soon follow.
Since February's base rate announcement, mortgage rates have already been on the decline; with news like today's, it's safe to expect that the positive reduction trend in mortgages is set to continue.
If you haven't already checked in with your lender, now is the time. We've had the pleasure of hearing many positive stories from our clients who have made major savings by simply picking up the phone and exploring what mortgage options are now available to them.
Homeowners and Rental owners - are you on the right rate? A cheaper mortgage rate can free up a significant amount of money to spend on the things that matter to you.
Confidence returns to the property market.
In short, this announcement is hugely positive across all aspects of the property market.
Buyers - for those of you waiting for a sign to see that the market is livening up, this is it. The last few months have given us all the confidence that we're over the worst.
Sellers - buyers have already been returning to the market, and with this recent news, more will follow; that's a fact across the board. More buyers means more demand for your home. For those of you holding off from selling to see what happens, it's happening and moving in the right direction.
The most important takeaway.
Don't be a David. David, one of our rental owners, hadn't looked at the rates he was on for years. He "assumed" they would be working for him. His fixed terms had actually all expired, and he was on a standard variable rate.
We put him in touch with our mortgage advisor - who immediately found preferential rates; this financially had a huge impact - so big he was able to afford to take our full management service on all of his properties (something he'd previously thought he was unable to afford) and STILL make a saving.
He saved a huge amount of time and money by just making a call.
We're over the worst. We're a far cry away from where we were last year, and that's a real positive change we should hold on to.
The market is moving, people are selling, people are buying and this news, especially just before the summer market hits, is the sign we needed to prepare for a buzzing UK property market.
For those of you who have already bought, we urge you to phone your lender.
Economic changes should act to remind you to check check and check your mortgages. Don't be complacent.
Look at the difference it can make.
If you'd like any further advice on the trends we're seeing in the West Hampstead market, feel free to give our team a call today.
While you're here, why not read "Buyer Confidence Returns to The West Hampstead Market" or "Sell Swiftly This Spring; Your Quick Fire Guide"
