Base rate held at 0.1% - what does that mean for homeowners?

The Bank of England's decision to keep the base rate at 0.1% is great news for borrowers, and record-low mortgage rates continue to underpin an unprecedented surge in property market activity.

In fact, during the final week of August, the UK property market saw the highest number of exchanges since the end of 2019, according to Knight Frank data.

However, in recent weeks we've seen lenders struggling with the sheer volume of business raise rates at 85% loan-to-value and above as they attempt to maintain adequate levels of service. This is causing difficulties for some borrowers, including first-time-buyers and the self employed.

If you require finance at this level, or would like to lock in a new deal at rock bottom rates, please get in touch. We cover the whole market and, regardless of your circumstances, we can offer guidance as to the best way forward.