Base rate held at 0.5% by Bank of England

The decision to keep interest rates at 0.5% has looked increasingly likely in recent weeks, despite the earlier strong signals from the Bank of England that May would see a rate rise.

Over the past two weeks, the market has adjusted to this outlook. 3 month LIBOR now stands at 0.673%, down from a recent peak of 0.758% two weeks ago when markets wrongly thought a May rate rise was inevitable.

We’ve also seen year swap rates (or 12 month Libor) increase slightly and 2 and 5 year SWAP rates decrease, signalling that the market expects rates to remain low and we may not even see a modest rate rise this year.

Despite all the earlier warnings from the BoE that rates would rise, lenders are offering great deals and increases announced so far have been modest – ranging from 0.01% to 0.1%. Decisions about your mortgage should always be taken with a long-term view and our advice to those looking for a new mortgage or renewing their existing lending remains the same. If you’re concerned about rises in interest rates affecting your repayments, then now is an excellent time to fix.

Ends

Notes for Editors

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Founded by Paul Welch in 2006, largemortgageloans.com is a market leader in the UK mortgage industry and the UK’s first mortgage broker to specialise in arranging mortgages above £500,000. It is at the forefront of the industry as a result of providing innovative funding solutions, million plus mortgage advice and access to sources of capital not generally available.

Having built up an unprecedented global network of eighty-four finance providers to date, largemortgageloans.com uses this expertise to strengthen partnerships between financial services companies and high net worth individuals, all underpinned by absolute discretion and integrity.

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Your home or property may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Changes in the exchange rate may increase the sterling equivalent of your debt. You may have to pay an early repayment charge to your existing lender if you remortgage. Think carefully before securing any other debts against your home.  

largemortgageloans.com is a trading name of Largemortgageloans.com Ltd, Aegon House, Ground Floor Suite, 13 Lanark Square, London, E14 9QD authorised and regulated by the Financial Conduct Authority (FCA). Our FCA registration number is 302228 and can be viewed by visiting the FCA website: www.fca.org.uk.  The FCA does not regulate tax advice or some aspects of commercial, buy to let, overseas mortgages, bridging finance, finance and asset lending.  

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