Commenting on the Bank of England’s decision to hold interest rates at 0.5%, Tashema Jackson, money expert at Uswitch.com, says: “The news that the Bank of England has kept its base rate of interest at 0.5% will be a relief to mortgage holders. After the previous rate rise in November and the closure of the Bank’s Term Funding Scheme – which enabled the high street banks to borrow money at virtually no interest and then use it to offer consumers cheaper rates – a third increase would have further increased the pressure on household finances.
“However, just because rates haven’t gone up today, that doesn’t mean mortgage holders should rest on their laurels. The Bank has been clear that we should still expect rate rises in the not-to-distant future. Homeowners now have a window of opportunity to grab a competitive mortgage deal – especially those on their lender’s standard variable rate or whose fixed rate deal is about to end.
“When looking for a new mortgage it is important to remember that cheapest rate or lowest fee isn’t always best. Take the time to figure out how much your monthly repayments will be as well as the total you’ll repay, to ensure your decision is the best for your circumstances.”
Find out how you could save over £1,000 a year with uS**witch here.**
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About us
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Uswitch is the UK’s top comparison website for home services switching. Launched in September 2000, we help consumers save money on their gas, electricity, broadband, mobile, TV, and financial services products and get more of what matters to them. Last year we saved consumers over £373 million on their energy bills alone.
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