Property News · July 30, 2016

Interest rate cut: good news for mortgages, bad news for savers


If the Bank of England cuts rates to 0.25%, it will benefit home-buyers, but once again savings will be hitThose with large tracker mortgages can prepare to break out the prosecco. If you rely on savings income, it’s more brown ale for you – or even water.Next week the Bank of England is expected to cut interest rates for the first time in seven years – and whether you welcome the expected 0.25% cut will largely depend on which of the camps you find yourself in. Two weeks ago City analysts worked themselves into a frenzy over a cut in rates that failed to materialise. The nine-member monetary policy committee decided it was too soon, post-Brexit, to make a decision, but next Thursday it meets again, and a rate cut is a certainty, according to most experts. Continue reading…

Source : theguardian.com
Read more…Interest rate cut: good news for mortgages, bad news for savers

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