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Aug 2, 2018
The Bank of England has raised the base rate to 0.75%, just the second time it has been hiked in a decade.
May 16, 2018
Homes suitable for first-time buyers could ‘flood the market’ in the coming year as one in five (19%) landlords look to sell, the National Landlords Association has predicted.
Mar 1, 2018
Almost nine in 10 (87%) first-time buyer applications through an intermediary resulted in an offer in 2017 – up from seven in 10 (71%) in 2016, IMLA’s Mortgage Market Tracker has revealed.
Nov 22, 2017
The government is abolishing stamp duty for all first-time buyer purchases up to £300,000.
Aug 30, 2017
Nearly 90 per cent of mortgage applications made through brokers resulted in offers in Q2 2017, the highest ever, according to the Intermediary Mortgage Lenders Association.

Welcome to Select Mortgage Solutions

Bank of England hikes base rate to 0.75%

Aug 2, 2018
The Bank of England has raised the base rate to 0.75%, just the second time it has been hiked in a decade.

Members of the Monetary Policy Committee (MPC) voted unanimously to raise the base rate by 0.25%, taking it to 0.75%.

The last time the base rate was above 0.5% was in February 2009 when it stood at 1%, and in November 2017, interest rates rose from 0.25% to 0.5%, 15 months after they were dropped to an unprecedented low.

The move came as no surprise as the markets were pricing in a 91% chance of a rate hike, but it does come in the face of weak and fragile UK economic growth figures.

The MPC said that the recent data which showed a dip in output in the first quarter was temporary, as momentum recovered in the second quarter. GDP is also expected to grow by 1.75% per year on average and unemployment is low, and is projected to fall a little further.

Source: Mortgage Solutions 02/08/2018

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