At its meeting on 30 July the Bank of England left the base rate unchanged for a fifth time in a row, at 3.75%. The next decision is on 17 September. For the property market it is a signal of stability: no sharp moves in mortgage rates are expected in the coming months.
The average two-year fixed mortgage is holding at around 5%. For a non-resident taking a loan from a UK bank, the rate on a given deal depends on the buyer's country, the currency of their income and the size of the deposit — which for a foreigner is usually asked at 25–30% and up.
A stable rate works together with cooling prices: while the market gives the buyer choice and time, the cost of borrowing is not rising. How to work out the full budget of the deal and of ownership, including a mortgage, is in the article on the cost of buying for a non-resident.
