What Has Changed?
The Bank of England has announced the first cut in interest rates for over four years, reducing the base rate from 5.25% to 5%. Making the announcement, Bank of England Governor, Andrew Bailer, said it was made as “inflationary pressure have eased enough that we’ve been able to cut”, with the decision intended to stimulate economic growth.
What Does This Mean For You?
For prospective homebuyers, the interest rate cut will lead to reduced, more affordable mortgages. Reduced borrowing costs will lower monthly mortgage payments, making it easier to get onto the property ladder.
Sellers will equally see the benefit, as lower mortgage rates increase demand and lead to increase prices. The competitive environment will mean sellers can expect to receive attractive offers, with higher sale prices on properties.
How Can AFIG Help?
AFIG is a specialist in high value, short term lending solutions, designed to support individuals, companies, development projects and foundations. We operate exclusively in this area of the market, acting as an intermediate for clients and lenders for almost any scenario. Regardless of the stage of your development, our hands-on, client focused approach is designed to support you throughout your project.
Get in touch with us today and a member of our team will help you through your enquiry!