The cost of borrowing remains historically low according to new data released by the Bank of England.
The average mortgage rate stands at just 2.09% the lowest in over twenty years.
This rate has remained unchanged since the start of 2021, with gross mortgage lending in March hitting its highest ever monthly total at £35.6 billion.
Mortgage approvals remain over 20% higher than the long term (5 year average) as interest in moving home continues.
The UK base rate has now remained at 0.1% for over a year. With inflation remaining significantly below target and the economy still in recovery there is little evidence this will change imminently, which is great news if you are looking to get on the property ladder or make a move.
If you would like to discuss your mortgage options, then can contact Nikki or Sophie at Finesse Mortgage Services.