Inflation Finally Taking a Break?
New Inflation data released by the ONS today confirmed that UK inflation dropped to 6.8% in July, down from 7.9% in June.
This is the second month in a row that inflation has fallen, and it’s the lowest it’s been in 15 months ↘
Many lenders had already factored this in and in the past week, all six of Britain’s biggest mortgage lenders have reduced their rates.
Although this is good news for those looking to remortgage or purchase a property, the markets are still expecting the Bank of England to increase its base rate again in September.
If you are on a tracker or SVR product, this is a good time to review as you are now far more likely to be on a noncompetitive rate.
If you’d like to discuss your mortgage please send me a private message or call me on 020 3645 4322.