UK Interest Rates - Base rate remains unchanged for 25 months in a row
Base rate remains unchanged for 25 months in a row, but property owners should take the opportunity to review borrowing arrangements now, says Knight Frank Finance
This morning’s decision by the Bank of England’s Monetary Policy Committee (MPC) to keep the base rate on hold at 0.5% for another month offers borrowers some more breathing space to review their options, says Simon Gammon, head of Knight Frank Finance.
"The European Central Bank is now talking about increasing rates and it's only a matter of time before the MPC pushes them up here.
"Longer-term fixed rates are already rising and the best rates may not be available for much longer. The current market-leading five-year fix is 4.39%, which compares with a low of 3.69% last year. Although a difference of just 70 basis points may not sound much, it equates to an increase of almost 20% in interest payments.
"Borrowers need to consider carefully how much future risk they are prepared to expose themselves to. Now is absolutely the time to take expert advice" .
As well as the main High Street lenders, Knight Frank Finance also has access to private banks not available to the majority of mortgage brokers. This means it can create very innovative mortgage products for fixing some or all of your loan, creating a unique solution based on appetite for risk or desire for peace of mind.
Courtesy: Knight Frank
For further information, please contact:
Rosie Cade, Residential PR Manager, Knight Frank,
Tel: +44 (0)20 7861 1068,
Email: [email protected]