What the papers said about rate cuts and leasehold reforms

The Sunday Times reported this week that, despite last month’s increase in the Bank of England base rate, a number of big name lenders have cut their rates in recent weeks. The base rate rise in August was anticipated and so was already factored into mortgage product pricing. Experts have suggested however that a subdued property market has led to lenders focusing their attention on remortgaging, particularly as year-end approaches. For borrowers who have yet to switch their mortgage this is a good opportunity to secure a competitive deal and protect themselves before any further rate increases take place. Elsewhere the Financial Times and Times highlighted proposals by the Law Commission to simplify and strengthen the process for leaseholders to buy their freehold or extend their lease. The current system has attracted a lot of criticism in recent years, with news of doubling ground rents and high costs which favour the freehold owners. The reforms will allow leaseholders to extend their lease multiple times as opposed to just once, and procedures for missing landlords will also be introduced.