Millions of mortgage bills to fall as Bank of England interest rate decision confirmed – what is means for YOUR money MILLIONS of mortgage bills are set to fall after the Bank of England confirmed a cut to interest rates.
A 0.25% cut to base rates would mean an average SVR mortgage would fall by £359 a year, while those on tracker deals will see a £206 a year drop.
When interest rates fall, mortgage rates typically follow suit.
The base rate is used by lenders to determine the interest rates offered to customers on savings and borrowing costs including mortgages.
The BoE typically raises interest rates when inflation is high to discourage people from spending money, thereby slowing the rate of price rises.
