Experts in Business

The Bank of England has today voted to reduce the Bank Base Rate 1.0 percentage points to 2.0%…. the lowest rate in over 50 years.

The Council of Mortgage Lenders has welcomed today’s rate cut, and believe “it will help the wider economy, even if it cannot be reflected universally in lower mortgage rates.”

The impact this will have on borrowers, new and existing is yet to be seen, although many lenders have pledged to pass on the full extent of the saving. There is still the issue of collars being imposed by many mortgage lenders.

This will feature very heavily in the media over the coming days, as there has been an indication that possibly certain lenders will not be able to enforce these collars due to the lack of this information in the KFI’s issued at outset.

Shane