With the recent significant drop in the Bank Of England Base Rate, this will be passed on by the lenders we use for our Practice Purchase loans.

With borrowing rates generally around 1.75% over the Bank Of England Base Rate, where last month a loan would have been charged interest at 6.75%, that cost has now reduced to 4.75% - on a loan of £200,000 that is a reduction of £333 per month.

Rather than reduce your payment, why not speak with your lender to see if you can keep payments the same – the outcome – a 10 year loan would be repaid 20 months early, and save interest of £28,000.