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The Independent UK
The Independent UK
Business
Vicky Shaw

‘Much-needed confidence boost’ for home buyers as mortgage rates fall

Fine Country Lucian Cook Bank of England Savills
Some homeowners with a mortgage will see their payments reduce after the Bank of England cut interest rates on Thursday from 4.75% to 4.5% (Yui Mok/PA) - (PA Archive)

Households on mortgages which directly track the Bank of England base rate will see their monthly payments fall by nearly £29 on average, following Thursday’s base rate cut.

Based on average outstanding balances, the typical borrower on a tracker deal will see their monthly payments decrease by £28.98, according to figures from banking and finance industry body UK Finance.

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