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The Bank of England’s Monetary Policy Committee has voted to hold the Bank base rate at 5%.

The last change was a reduction of 0.25% to 5% on 10 April.

Over the last few weeks Chase De Vere has seen mortgage lenders start to lower their mortgage rates and offer some excellent deals. Abbey and Nationwide have some particularity competitive mortgages, offering a free property valuation and legal service for remortgages. 

Both Abbey and The Woolwich have announced that the costs of their fixed rate mortgages will rise at the close of business today. Some Abbey rates will be raised by as much as 0.56%, while The Woolwich will raise their two-year fixed rates by 0.10% and ten-year fixed by 0.30%. Todays news from Abbey follows two reductions earlier this month.  

Chase De Vere has secured access to a range of exclusive mortgage products available for loans between £500,000 and £5,000,000. The new range includes both fixed and tracker deals that allow you to ‘mix and match’ rates. Selected products are penalty free so you can repay the loan at any time without any extra cost.

This week has seen a host of lenders reduce the cost of their mortgages for new borrowers, with the UK’s second largest lender Abbey leading the way. On Tuesday Abbey cut the cost of three-year fixed rate mortgages by 0.07% and, have today confirmed all fixed and base-rate tracker deals up to 75% loan to value will be reduced by up to 0.17%. Nationwide, Bank of Ireland, First Active and NatWest have also announced reductions.

The Bank of England Monetary Committee voted on 6 March to keep interest rates at 5.25%.  This decision did not come as any real surprise - it was widely expected base rate would stay the same.

The previous change was a reduction of 0.25% to 5.25% on 7 February 2008.

The Bank of England base rate has been reduced by 0.25% today and is now 5.5%.

Following today’s announcement, The Nationwide, Woolwich, Halifax and C&G all said they would reduce their standard variable rates (SVR) by 0.25%. It is unusual for lenders to make announcements so quickly.

Today’s decision is very welcome, but many feel more reductions will be needed in the coming months.

The Monetary Policy Committee has voted to freeze the Bank of England base rate at 5.5%.
January’s decision comes after MPC members voted unanimously for a base rate cut last month, bringing interest rates down by 0.25% in December.