The Bank of England has finally reduced the base rate by 0.25% to 5.5% after 5 increases since 2006. In the past 2 to 3 months, lenders have increased their mortgage rates by as much as 1% or more even though the base rate had not changed. Lets hope that the BoE’s decision can go some way into easing the present turmoil in the financial markets. I say, expect further reductions.
