Bank of England cuts base rate to 0.25% – here’s what it means for buyers
UK interest rates now stand at a record low after the Bank of England decided to cut the base rate to 0.25 per cent.
While this isn’t such great news for savers, it’s a measure designed to aid borrowers and will ultimately help homeowners to reduce their mortgage repayments.
Buyers in Chorley and the North West will benefit from the drop, which is the first time the Bank of England has made a cut to the base rate in seven years.
Those on tracker deals will see an almost immediate benefit to the lower base rate, which has been reduced from its previous record low of 0.5 per cent.
Meanwhile, for people on a fixed rate mortgage, now may be the time to start looking for a cheaper deal.
Is now a good time to buy or sell a house in Chorley?
Summer is a traditionally quieter time in the estate agency business. That said, nobody seems to have told us! The Redrose team have been as busy as ever with plenty of new instructions and completions of property sales.
We’ve written elsewhere about why we think the post-Brexit property market in the North West will remain healthy. In Chorley there is a real demand for family homes. These also happen to be some of the most affordable in the country.
Therefore, if you’re looking to buy a property in Chorley, now is a great time to start looking.
At Redrose, we offer access to a mortgage adviser who can provide help on finding the best mortgage. Contact us on 01257 547061 to find out more. Alternatively, if you are interested in selling your home, call to book a free valuation.