Page 17 - June 2020 - Is it a good time or bad time to invest in property - Brochure Final

Current Lending

Situation in the UK

On the 19th March 2020 the new Governor of the

Bank of England made a momentous

announcement; the Bank of England base rate

would be lowered to the all-time low rate of 0.1%.

Borrowers everywhere would normally have been

ecstatic at this news, surely mortgage rates would

plummet and houses would almost buy

themselves?

Unfortunately, there was a reason that the Bank

of England felt the need to lower the rate so

drastically. The Coronavirus has the country in its

grip and mortgage lenders are panicking.

Since this outbreak began to affect the British

way of life there have been approximately 1,585

mortgage products withdrawn from the UK

market.