According to Ing-Think, predictions that Bank of England is going to drop their interest rates in August seem to be correct. They bring the positive news that they are expecting a further three cuts in inflation rates before the year is out.
To date their predictions have been pretty sound
- Inflation rate dropped to 2% by May.
- UK to avoid inflation
- Rate cuts to start in August
With a decrease in inflation, brings a reduction in Mortgage Interest Rates which will be a welcome reprieve for home-owners on a variable rate mortgage. It’s also good news for first time buyers and home movers wanting to secure a mortgage deal. Reduction in inflation will also lead to more disposable income for home-owners and buyers, possibly increasing affordability for mortgage lending.
It is not expected that Labour’s recent rise to government will have an impact on Bank of England’s decision to cut rates this year.
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