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Interest rates remain at historic low of 0.5%

Despite intense speculation that interest rates would be cut, the Bank of England has confirmed that its base rate will remain at 0.5%. 

Many predicted that the rate would be cut to 0.25%, however the Bank's monetary policy committee has decided that the base rate will not change from its current level, which has been in place since 2009.

A change to the Bank's base rate was expected in response to a dip in transactions experienced after last month's decision to leave the EU. 


Commentators are now suggesting that the rate will be cut to 0.25% in August. 

“In this environment of change, it’s important that advisers use every opportunity they can to contact their books and offer advice to their clients," says Steve Griffiths, Head of Sales and Distribution at Kensington.

"That not only means speaking to customers who meet the standard mortgage criteria, but also those whose financial circumstances could prevent them from going to high street lenders."

"This group, in particular, will need expert advice to successfully navigate the mortgage market during these uncertain times,” he adds.

Founder of online estate agency eMoov Russell Quirk, comments: "This confirmation should remind us that the cost of money, especially for home buyers, is at a record low." 

"The UK economy and the property market, in particular, are now awakening from the apparent Brexit limbo it has been stuck in over the last few weeks."


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