Bank of England announcement – 03/08/2023

As we suspected and now have recently learned, the UK's interest rate has risen from 5% up to 5.25%.

What does this mean for property purchasers and home owners with mortgages:

Ultimately for both, it could mean higher mortgage bills whether your searching for your first home or; you have a variable rate mortgage.

For home owners with a mortgage, there is a good chance that your lender will have already been in touch to confirm any changes and one would assume those with a fixed rate mortgage will not be impacted by the base rate change.

For those searching for a property to purchase, you may already have a mortgage in principle and we would recommend that you review this now via your financial advisor or; via the lender you have selected to assist with the purchase. If you are yet to appoint an advisor / lender, do get in touch with Ballantynes and we will put you in touch with the right contact to assist.

Here’s the good news: average selling prices have come down and most recently sat around the 3% over home report value. There is a good chance, given the recent news and the fact that we are in the festival season, that competition may be a little lighter meaning that there is scope to negotiate on the right property for you.

Whether it’s an established first home, an upwards / downwards move or looking for that ideal new-build home then, Ballantynes will have a property to suit you. Start your search HERE.