- Google searches for ‘remortgage’ are projected to rise 93% following the Bank of England’s interest rate cut to 4.5%.
- Searches for ‘mortgage advice’ and ‘mortgage advisor’ are also estimated to rise.
- Expert gives insight into what the drop could mean for you and your mortgage.
Analysis of Google search data has revealed that searches for ‘remortgage’ are expected to see a significant increase following the Bank of England interest rate drop.
The analysis by house buying experts at housebuyers4u has revealed that searches for ‘remortgage’ are projected to rise 93% from the 6th of February. This comes after the news of the Bank of England cutting the base rate of interest from 4.75% to 4.5%.
Similarly, searches for ‘mortgage advice’ and ‘mortgage advisor’ are expected to rise to their highest levels in the past 12 months, by an estimated 35.41% and 33.58%, respectively.
A spokesperson from housebuyers4u has weighed in on what the interest rate cut could mean for borrowers,
“This Bank of England’s base rate has dropped down to 4.5%, the lowest we’ve seen since June 2023, which can mean good news for borrowers.
“If you currently have a mortgage on a fixed rate plan, this base rate cut will not affect your current payments until the end of your term. However, for those on variable rates, such as tracker mortgages, you can expect to see a decrease in your monthly payments, as these rates are directly tied to the Bank of England’s base rate.
“For those considering remortgaging, the base rate cut may lead to better fixed rate deals becoming available. Lenders often adjust their fixed rate offers when there are changes in the base rate to remain competitive. This means there may be an opportunity to lock in a lower rate, which can result in substantial savings over your mortgage term.
“For people thinking about applying for a mortgage, lenders are likely to start offering lower mortgage rates in the near future, which means you could potentially afford more or have lower monthly payments.
“In short, the Bank of England’s interest rate cut may be beneficial to current and prospective mortgage holders, however, it is essential to assess your individual circumstances and seek personalised, professional advice to ensure you are making informed decisions.”
