BASE RATE STATEMENT: Redwood Bank
01 August 2024
Gary Wilkinson, CEO and co-founder of Redwood Bank, said: "The Bank of England’s decision to reduce base rate is positive news for businesses, particularly those with variable rate mortgages. Professional landlords will welcome this reduction as mortgage finance forms a significant part of their costs. Those with variable rate mortgages should see an immediate reduction in their borrowing costs, boosting their margins and increasing their ability to invest in growing their businesses.
"Landlords and other businesses looking for a new commercial or residential buy-to-let mortgage or wanting to refinance an existing mortgage may also benefit.
“Businesses with surplus funds could consider fixed rate savings accounts to lock in their interest rates.”
