The Bank of England MPC have today cut rates to 0.25%, the first move in 7 years… and it’s down!
Unsurprisingly I have had many clients asking if they should wait to do their mortgage application or switch products if they are in progress.
It doesn’t necessarily follow that rates will fall from lenders; lenders own balance sheets are more important. One of the usually cheapest lenders has been increasing rates of late as they have obviously filled their current quota and want to control applications, so it doesn’t necessarily hold true it is directly related to the base rate.
I think all you can do is make the best decision on the day; none of us has a crystal ball after all.