Interest rates are expected to stay low thanks to continued uncertainty over Brexit. The knock-on effect of that is mortgage interest rates will also stay low. The Bank of England’s monetary policy committee met on September 19 and agreed to keep the base rate at 0.75 percent, maintaining the historically low rates that have now been the norm for more than a decade.
Good news for home movers
That’s good news for those intending to move home who have secured their mortgage and are now looking for conveyancing quotes. The committee did warn that interest rates may have to rise if the UK leaves the EU without a deal on the deadline of October 31. And the minutes of the committee’s September meeting said any change in interest rates – the rate at which banks and other lenders borrow money – would be affected by any rise in inflation and the threat of recession.
Avoiding Brexit uncertainty
A no-deal Brexit is the biggest threat to the economy, according to the Bank’s policymakers, with uncertainty over Brexit risking “entrenched uncertainty”. Those with confidence in their future will be ready to take the plunge on buying a new property or putting their own on the market. Talk to Homeward Legal on 0800 038 6699 to get a quote for purchase or sale conveyancing solicitor.