Sarah Coles, head of personal finance at Hargreaves Lansdown, said: “A hold means borrowers with tracker rates will have to play the waiting game, but those in the market for a new fixed deal don’t have to wait for the good news.
“We’ve already seen fixed rates cut by the big banks in recent days, and the fact the vote was so close will cement expectations of rate cuts sooner rather than later, so this may not be the last of the cuts.
“This is excellent news for anyone facing a remortgage or looking to secure a deal for a house move, who should be able to track down a decent rate.
“The HL Savings & Resilience Barometer shows that average monthly mortgage payments peak in our early forties, so this should be a real boom for anyone facing a squeezed middle age.
“If you’re remortgaging, it’s worth securing a rate as soon as possible, so if mortgage rates continue to drop you can find a better deal elsewhere, and if they surprise on the upside, you’ve already locked a great rate in.”
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