The Bank of England holds the interest rate at 4%.
The Bank of England has voted to keep the base rate at 4%, with inflation control remaining its priority. Mortgage and Protection Adviser Nicola Henton says the move was widely expected, and mortgage conditions remain steady for those looking to borrow.
The Bank of England voted this morning to hold the base rate at 4%, with seven members in favour and two preferring a cut to 3.75%.
This keeps the rate at its lowest level since March 2023.
Attention now turns to whether rates could fall further before the end of the year. CPI inflation remains steady at 3.8%, though the Bank expects it to rise to 4% before easing back towards its 2% target.
Food inflation in particular continues to put upward pressure on household budgets, despite the headline CPI figure remaining unchanged.
Here’s what our Mortgage and Protection Adviser, Nicola Henton, had to say about today’s decision:
“The Bank of England’s decision to hold the base rate at 4% is not unexpected, with the clear priority being to calm inflation and guide it back towards the 2% target. For those looking for mortgages, the good news is that things remain steady for now."
To speak to one of our team regarding this change or about starting your mortgage journey, please contact us at:
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