The Times - Scottish vote cuts the cost of loans
If the referendum delivers independence for Scotland, a rise in the Bank of England’s base rate could be delayed
Could a win for the “yes” campaign in the Scottish independence referendum next Thursday actually push mortgage rates down for residents south of the border? This was the question being asked this week, as mortgage experts said a base rate rise could be further off than expected, despite suggestions from Mark Carney, governor of the Bank of England, that the base rate would begin to rise from its historic low of 0.5 per cent next spring.
Borrowers in Scotland could face more stringent criteria to secure a loan,“particularly as acceptance criteria is updated so rapidly,” says the broker Aaron Strutt, of Trinity Financial. However, those south of the border could benefit from lower rates in the event of a “yes” - another broker explained that a spring interest rate rise was “by no means set in stone”.
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
