The Bank of England announces to cut interest rate to 5%. What does this mean?

The recent announcement on the 4th of August by the Bank of England is something homeowners have been waiting to hear. [The Bank of England announced to cut interest rates to 5%. What does this mean?]( Call us on: [01473 356 284](tel:01473 356 284) The recent announcement on the 4th of August by the Bank of England is something homeowners have been waiting to hear. [Interest rates]( will be cut to 5%, the first time since the pandemic. What does this mean for existing mortgage holders? While there’s no guarantee that mortgage lenders will amend their rates, but if they do, lower interest rates can mean lower[monthly mortgage payments.]( Additionally, if your mortgage agreement is ending soon, it would be worth looking to [remortgage]( take advantage of the lower rates. This would, potentially save you money over the long term. Are you still unsure on what the cut on interest rates means for you? [Contact our advisors to find out more!]( [alt_text]( [Use our free mortgage calculators below – no credit checks!]( [alt_text]( [Mortgage Affordability Calculator]( Complete your income details to give yourself an idea of how much you could borrow. [alt_text]( [Bad Credit Mortgage Calculator]( Fill out a few details to see if you are eligible for a Bad Credit Mortgage. [alt_text]( [Remortgage Calculator]( Complete your income details to give yourselves an idea how much you may be able to borrow. What does the cut in interest rates mean for those for a mortgage?]( If you’re looking to buy your [first home]( the Bank of England announcement brings some positive news. The lower interest can improve your affordability, meaning it may be far easier for you to be able to afford your dream home. [Why not try our affordability calculator here.]( Additionally, it means there is a higher amount of competitive deals on the market. [Speak to our advisors]( to find out what deal is right for you. It’s important to consider that though there’s a variety of positive impacts, there could be negative implications too. [An example could be that lenders may ask for a higher deposit to avoid future rate increases.]( to our brokers]( find out the best decision for you!]( [Speak to a member of our team]( Follow Us [alt_text]( [alt_text]( [alt_text]( [alt_text]( [01473 356 284](tel:01473 356 284) [justmortgagebrokers.co.uk]( Just Mortgage Brokers Limited is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority. Just Mortgage Brokers Limited. Registered Company number: 08389911. Registered office: 22-24 High Street, Needham Market, Ipswich, IP6 8AP YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT. AUGUST 2024 [Unsubscribe](