With inflation remaining stubbornly high the Bank of England has once again chosen to raise the Base Rates, this time by 0.25% to 5.25%.
The Bank of England has opted for a 0.25% Base Rate rise.
The Bank of England has raised the Base Rate to 5.25%.
The Bank of England raised the Base Rate by 0.25% to 5.25%, the 14th rise since December 2021 when the Base Rate was just 0.1%.
Both secured and unsecured borrowing can be affected by the interest rate rise. Review your budget to see if you can cut back on non-essentials or even overpay any debts.
The rise in the BoE rate to 5.25% was predicted in the markets and comes on the back of ECB (European) and Fed (US) rate rises last week.
The long-term forecast is for inflation to fall this year, but as inflation is proving hard to reduce the Bank of England has again, increased the Base Rate.
In changing times investors should keep a cool head and a well-diversified portfolio. Omnis spread your investments across different asset classes, global regions and styles which can smooth returns and reduce the risks to which you are exposed.
With the Bank of England raising Base Rates 0.25% to 5.25% diversification can help you through market uncertainty that may emerge.
The Bank of England has raised the Base Rate 0.25% to 5.25%. Did you know 57% of fixed-rate mortgages in the UK which are coming up for renewal in 2023 were fixed at interest rates below 2%.
The Bank of England has raised Base Rates again to 5.25%. If you have a fixed rate mortgage, your monthly payments won't be affected right now.
The Bank of England has again raised the Base Rate. If you have a tracker mortgage linked to the Base Rate, you will already have seen an increase to your monthly payments and are likely to see further rises.
The Bank of England has again raised the Base Rate. If you have a variable rate mortgage, you may have seen an increase to your monthly payments. Your lender will be in contact explaining the new rate and what you can expect to pay.
2.4 million fixed-rate mortgage deals are ending between now and the end of 2024. A typical two-year fixed mortgage deal now has an interest rate of more than 6.81% and a five-year fixed rate is now at 6.34%.
Offset mortgage rates can be slightly higher than two- and five-year fixed-rates. However, an offset mortgage allows you to reduce the interest you pay each month by linking your savings.
Those wishing to secure all, or part of their long-term retirement income will be heartened by the increasing rates.
Both secured and unsecured borrowing can be affected by the interest rate rise. Review your budget to see if you can cut back on non-essentials or even overpay any debts.
Annuity rates are based on the long-term price of government bonds which in turn are closely linked to the long-term expectation of the Base Rate.
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