The 3.75% Hold: Why "Doing Nothing" Just Changed the Wirral Mortgage Market

Today, the Bank of England hit the pause button, holding the base rate at 3.75%. After December’s nail-biting 5-4 vote to cut, the governors have opted for a "steady on" approach.

But here’s our take: A "hold" on the base rate does NOT mean a "hold" on mortgage costs.

The Wirral Reality Check

While the national headlines focus on the Bank of England, savvy homeowners in Heswall, West Kirby, and across the Wirral should be looking at Swap Rates. These are the wholesale costs lenders pay for the money they lend to you.

Since New Year’s Day, these rates have been creeping up. Even though the base rate hasn't moved today, we’ve already seen major lenders nudge their fixed-rate prices upwards. Because net mortgage lending has remained steady since December, lenders aren't feeling the pressure to start a price war - they know the demand is there.

Bank of England Base Rate held at 3.75%

What should you do?

If you are one of the thousands of Wirral residents with a deal expiring in 2026, don't let "stability" lull you into a false sense of security. Waiting for a further drop in the base rate could mean missing out on a deal before swap rates climb further.

The market is in a plateau phase. It’s not about timing the bottom anymore; it’s about snagging a deal before the next wobble.

Important:

• Your home may be repossessed if you do not keep up repayments on your mortgage.

• Think carefully before securing other debts against your home.

• The information provided in this article is for journalistic purposes only and does not constitute formal financial advice.