Should we wait for the next BoE base rate meeting?

Davewils82 · 8 March 2020 at 12:24PM

Hi all,

Our fixed rate mortgage ended last month and we were shopping around for a new one when all this finacial meltdown happened. What do people think are the chances that in a few weeks the base rate will go down to 0.5 or even 0.25%, and if it does, will that mean better fixed mortgage offers? Im looking at a 5yr fixed and was offered one at a 1.5% fixed rate.

I can swallow a couple month of the horrid variable rate im on now if it means some big savings over rhe next 5 years from a better rate offer.

Thanks in advance,
David

csgohan4 · 8 March 2020 at 12:41PM

crystal ball time, generally doesn't filter down to mortgage interest rates that quickly either

nick74 · 8 March 2020 at 12:51PM

If you've already been offered a rate of 1.5% then surely there is not scope for making significant savings compared to that? Mortgage lenders won't lend for nothing, regardless of how low base rates go.

Moneyminded · 8 March 2020 at 1:42PM

Personally I would take the 1.5% rate and get off the standard variable rate asap. There is no telling what could happen over the next few months but it is unlikely that anything drastic will happen in the next few weeks.