Joy for homeowners as interest rates remain at historic low
THE property market received a boost today when interest rates were once again held at a historic low for the 85th month in a row.
Governor of the Bank of England Mark Carney
The nine members of the Bank of England’s Monetary Policy Committee voted unanimously to hold the base rate at 0.5 per cent.
The news will be welcomed by mortgage payers, who have now enjoyed more than seven years of rock-bottom deals.
Matt Andrews, managing director of Bluestone Mortgages, said: “For many borrowers across the UK, this continued low-rate environment could provide a good opportunity to secure favourable loan rates now while they are still available.”
The days of the Bank of England threatening an imminent rise in interest rates seem to be fading into the distance
But savers, especially pensioners who rely on returns to boost a fixed annuity income, look to be in for more misery.
Calum Bennie, a savings expert at Scottish Friendly, said: “The days of the Bank of England threatening an imminent rise in interest rates seem to be fading into the distance.
The nine members of the Bank of England’s Monetary Policy Committee voted unanimously to hold the base rate at 0.5 per cent.
The news will be welcomed by mortgage payers, who have now enjoyed more than seven years of rock-bottom deals.
Matt Andrews, managing director of Bluestone Mortgages, said: “For many borrowers across the UK, this continued low-rate environment could provide a good opportunity to secure favourable loan rates now while they are still available.”
The days of the Bank of England threatening an imminent rise in interest rates seem to be fading into the distance
But savers, especially pensioners who rely on returns to boost a fixed annuity income, look to be in for more misery.
Calum Bennie, a savings expert at Scottish Friendly, said: “The days of the Bank of England threatening an imminent rise in interest rates seem to be fading into the distance.
This continued freeze is good news for borrowers
Carney is thought to be waiting to see what happens in the EU referendum
“Continued global economic uncertainty means this long period of record low interest rates is going to get even longer, which is grim news for cash savers.”
Dennis de Jong, managing director at UFX.com, said the governor of the Bank of England, Mark Carney, will want to see how the fallout from the Tata steel crisis and the looming vote on Brexit will affect the economy before making “any hasty policy decisions”.
EU referendum: Mark Carney, Bank of England governor, questioned by MPs about Brexit
“Continued global economic uncertainty means this long period of record low interest rates is going to get even longer, which is grim news for cash savers.”
Dennis de Jong, managing director at UFX.com, said the governor of the Bank of England, Mark Carney, will want to see how the fallout from the Tata steel crisis and the looming vote on Brexit will affect the economy before making “any hasty policy decisions”.