Hope of February boost for mortgage holders after 'rare good news' The latest data reveals a drop in UK inflation last month, which could influence the Bank of England's interest rate decision next month.
Moreover, if your savings account pays interest, you might see an increase in your savings interest rates if the base rate is increased.
Interest rate changes directly impact those with a loan or mortgage set up on a variable interest rate contract.
However, economists are flagging the new inflation figures as a potential key influencer for the Monetary Policy Committee's looming decision on whether to reduce interest rates.
A decrease in inflation could prompt the Bank to lower interest rates, a favourable outcome for homeowners.
