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The Bank of England has issued an update for anyone with a mortgage ahead of a key interest rate decision. The Bank of England has released its latest Money and Credit report which shows the average rate on newly drawn home loans has dropped to 4.17 per cent.

That is down from 4.19 per cent in September and marks the lowest level since January 2023, when new mortgage rates sat at 3.88 per cent.

Nathan Emerson, CEO of Propertymark , commented: “Speculation surrounding the Labour Party Autumn Budget may have played a role in contributing towards a decrease in the number of mortgage approvals during this period.

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While it is understandable to see a lull regarding mortgage activity on the months leading up to

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