Interest rate announcement – what does it mean for your mortgage?

Base rate holds at 5.25%


Today, 21st March 2024, the Bank of England announced that it is holding the base rate at 5.25%, despite signs that inflation is beginning to slow. There was no expectation that the rate would be reduced, but holding the rate does show signs that we are in a slightly more stable, and even positive, market. Andrew Bailey, head of the Bank of England, says it’s “not yet” time to cut rates – but “things are moving in the right direction”.

Earlier this week, the BBC reported that many lenders were offering products for as little as 15 days before pulling them from the market. It is no wonder that so many homeowners, and home buyers, are finding the current mortgage market confusing and overwhelming.

At First Mortgage, our advisors can help you navigate the mortgage market. We check all available deals in the market and compare them to find you the best deal. Not only that, but our advisors generally get 24-48 hours advance notice of deals changing. This means that if the deal you’re looking at will be removed or changed, we can inform you and move quickly to secure the rate.


Why Use First Mortgage

  1. Our service is completely free

  2. Our advisors search thousands of mortgage products from over 90 lenders, to find you the best deal, for free

  3. We have over 27 years of experience in finding mortgage deals for our customers

  4. We’re the UK’s Highest Rated Mortgage Advisor on Trustpilot, with over 23,000 5-star reviews

  5. We take the time to get to know you to find the right mortgage option for you, but work quickly to get your deal


What should you do now?

Get in touch! Our advisors are ready and waiting to help you with your mortgage journey.

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