LANDLORD
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September 2024
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Monthly news for landlords brought to you by:
Base rate cut brings cheer to buy-to-let investors Landlords have reason to cheer as the Bank of England looks set to cut interest rates further in the coming months. A decision by the Bank’s monetary policy committee (MPC) to lower the rate in July by a quarter of a percent to 5% saw a flurry of activity by mortgage lenders to reduce their rates.
It was the first time there has been any downward movement in interest rates since March 2020. For those buy-to-let investors who need to re-mortgage in the coming months, the news was positive and offered relief, not least after payments had risen substantially after the disastrous Liz Truss mini budget.
Announcing the cut, the Bank’s governor Andrew Bailey explained lower inflation had allowed for the reduction but warned people not to expect rates to return to the historic lows of 2008. In a statement the MPC said: “Monetary policy will need to continue to remain restrictive for
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