Base Rate Comment from Afin Bank

07 November 2024

Alan Davison, Chief Commercial Officer of specialist lender, Afin Bank, commented on today’s Bank of England base rate announcement:

"Today's cut of 25bps to 4.75% for the Bank of England Base Rate is good news for borrowers, although less so for savers.

"For first time buyers and movers it should mean better affordability and their money should go further when buying a new home, particularly if they are looking to act soon before the changes to stamp duty come in next March.

“For anyone planning to remortgage in the next few months it will hopefully cushion the blow a little if they are moving off a fixed deal secured when rates were historically low, so it’s a good time for mortgage advisers to talk to their clients.

"However, while the markets absorb both the impact of last week's Budget and the tumultuous events of the US election this week, we won't know whether this is just a blip or if we can expect to see more cuts from the Bank of England in the future."