Interest rates fall even further – here’s what it could mean for you Interest rates have fallen for a third consecutive time after the Bank of England decided the economy was healthy enough for another cut.
If you’re looking to remortgage, there’s a strong chance the new fixed rate will be higher than the one you were on originally, since the base rate is still at its fourth highest level for the past 15 years.
‘The Bank of England has taken the first opportunity it has to cut rates, and this could mean mortgage rates begin to decline as we head into the busy spring period.
That’s because banks tend to look at the base rate when deciding their own savings rates, and lower inflation meant people could stash more money away with a higher return.
If you’ve got a tracker mortgage, meaning one that’s tied to the base rate decided by the Bank of England, your repayments will go down each month.
