Despite optimism for a further rate reduction, today’s decision to hold the base rate at 4% will still be seen as a positive step by homebuyers and remortgagers. It reflects a continued sense of stability in the mortgage market, which has helped both lenders and borrowers gain confidence in recent months.
We’ve seen a broader range of mortgage products introduced—particularly those supporting lower deposits and higher loan-to-income multiples—giving buyers more flexibility and choice.* With this steady rate environment and growing product innovation, the market is well-positioned as we head into the final quarter of the year.
How will today's decision affect your current mortgage?
• If you’re on a fixed-rate mortgage, there will be no change, but if you’re within the last few months of that deal, it’s worth exploring your options for remortgaging sooner rather than later. You can lock in a new rate early which will help you to avoid reverting to your lender’s standard variable rate. Talk to our mortgage advisers about your remortgage options.
• If you're on a tracker mortgage which effectively 'tracks' the base rate, and your lender hasn't reduced their base rate, your monthly repayments will remain unchanged.
• If you're on a standard variable rate mortgage, and your lender hasn't reduced their base rate, there will be no change to your interest rate or your current monthly repayment amount.
How could it change your options for buying a home?
For those of you with a smaller deposit who are considering buying your first home, it's worth you reading about the new Mortgage Guarantee Scheme.
Compare the options we have available for the best mortgage deals:
If you’re buying your first home: First Time Buyer Mortgage Deals
If you’re moving home: Home Moving Mortgage Deals
If you’re a landlord looking to increase your portfolio: Buy-to-let Mortgage Deals
Ready to talk to us about your mortgage? Book an appointment today to talk to one of our mortgage advisers.
* According to Moneyfacts data.
