The Bank of England cut interest rates by 0.25 per cent on November 7, taking them to 4.75 per cent — in what is only the second cut made by the Monetary Policy Committee (MPC) since the pandemic.
Home buyers hoping to secure a mortgage in the coming months may feel relief at today’s cut, so too will the millions of homeowners with variable-rate loans. Mortgage holders on fixed rates, however, will see no change until they come to refinance or move onto their lender’s variable rate.
