New opportunities are opening up for homebuyers following the Bank of England’s announcement of an interest base rate cut as intensifying competition between banks drives a downward spiral in mortgage rates.
The Bank Rate has now been set at five percent, a drop of 0.25 percentage points. It is the first time the base rate has been reduced since the onset of the Covid pandemic in March 2020. A series of lenders had already reduced their rates in July amid growing speculation over an announcement from the Bank of England. The mortgage price war has heated up with the likes of Santander, TSB, Yorkshire Building Society, MPowered Mortgage, Virgin Money and Clydesdale Bank all lowering rates again. Experts are expecting a further drop, with brokers confident that rates could fall below 4 per cent within weeks for some products.
Natalie Moore, Senior Sales & Marketing Manager at Orion Homes, said:
“The base rate cut and the wave of lending rate drops is welcome news for homeowners and first-time buyers. Many have been frustrated by prohibitively high lending rates, but it looks like the tide has turned and they will now be able to take advantage of a much wider range of mortgage products to purchase their dream home.
“Orion Homes can help our customers with mortgage options. We work with expert mortgage advisors who have access to a wide selection of lenders. They’re able to find the most suitable product for our homebuyers and unlock access to special products that lenders don’t offer on the High Street. We can provide advice and support whether you’re a first-time buyer, moving up, remortgaging or thinking about buy-to-let.”
Orion Homes’ panel of Independent Financial Advisors can help with a wide range of financial needs for purchasers at our current developments. We’re selling a range of 3, 4 and 5 bedroom homes at Bishops Gardens in Cawood, Purston Grange in Featherstone and Mount Vernon Place in Barnsley.
To arrange an initial meeting to discuss your financial arrangements for your new home, please speak to our Sales Advisors on site.
