5.25% Base Rate decreased to 5%, providing mortgage rate relief for potential homebuyers.

Managing Director of Worcestershire's Nicol & Co., Matt Nicol, applauds the Base Rate decrease from 5.25% to 5%, providing relief for potential homebuyers as mortgage rates stabilise. The shift has led to sub-4% rates for larger deposit borrowers, saving average UK homeowners £190 monthly compared to 2023's peak rates. Increased lender competition creates favorable mortgage conditions, but Nicol advises prompt action as market competition intensifies.

August 03, 2024
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