Borrowers to Benefit from Competitive Lender Rates Prior to MPC Meeting
Homeowners are likely to find substantial savings if they shop for a remortgage now. Waiting on the decision of the Bank of England’s Monetary Policy Committee (MPC) to cut the standard base interest rate is not necessary to find lower interest rates. Lenders have been confident that a rate cut is nearing and have lowered their interest rate offers over the last few weeks. Recently, Nationwide lowered rates below 4% on mortgages while the Bank’s base rate remains at 5.25%. Remortgage rates are not as low but are nearing the same threshold.