The Bank of England(BoE) has cut interest rates by 25 percentage points in a move that could reduce pressure for some mortgage holders and home buyers.
The Monetary Policy Committee (MPC) was widely expected to reduce the base rate by 0.25 percentage points to 4%, with the announcement made at midday. It marks the fifth reduction in the base rate since August 2024, when rates began to steadily fall from a peak of 5.25%. Many will be hoping that the BoE lowering the base rate will spark an influx of cheaper deals for mortgage holders and home buyers entering the market.
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