As I am currently looking into buying my first house, I am wondering what the implications of the recent Bank of England base rate cut will have on the rates for mortgages available?
I have been keeping an eye on what's available while I've been looking for a house, but following the Bank of England's decision to cut its base rate from 0.75% to 0.25% on 11 March, should I expect mortgage providers to follow suit, and drop the rates for their fixed rate mortgages?
Even at 0.75%, it made sense to fix my mortgage for as long as possible given the rate was so low- but now with the base rate having dropped further, should I expect the rates for fixed rate mortgages to follow suit? If so, it might make sense to hold off on applying for a mortgage for a little while, until this happens? But maybe it's unlikely that the providers will drop the rates any further than they already are? Or does the cut in the base rate only actually effect the tracker mortgage rates?