The US Federal Reserve's above-expected rate cut of 0.5% last night may fill some with confidence the Bank of England may follow, but most experts agree the UK's central bank will be more cautious than its US counterpart. However, this may mean the Bank of England will be able to cut the rate more aggressively later in the year. But borrowers will want security as soon as possible, especially ahead of the expensive Christmas period.
No one will be looking at the Bank of England today with more interest than homeowners. With the average mortgage repayment increasing between £500-£1000 in 2024 alone, anything that brings down interest rates will have a positive impact on first time buyers and existing homeowners.
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