Yesterday we saw the Bank of England cut interest rates by 0.5% from 0.75% to 0.25% in and emergency move to shore up the economy amid the coronavirus outbreak.
How will this effect you? In most cases not a great deal at all. The sudden cut in the Bank rate will immediately reduce the mortgage bill of a minority of homeowners. Others will have to wait to see how their home loan provider reacts at a time when mortgage rates are already at very low levels.
Little will change for savers, who have had to endure years of low returns anyway. They may take heart from the fact this is a temporary measure from the Bank.
Most people are, of course, savers and borrowers.
Please give us a call on 01635 524391 if you would like to discuss this or any other matter regarding how the interest rates could affect you and your mortgage. Our highly skilled advisers are waiting for your call www.firstxtra.co.uk/contact-us/
The information contained within was correct at the time of publication but is subject to change.
