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do you think interest rates could go down ?
susieanne
Posts: 448 Forumite
I have been enjoying a very low interest rate and not looking forward to when the interest rates start to rise . The talk for the last 12 months has been that the interest rates would slowely start to rise by the end of this year but i heard the other day that the bank of england may drop the interest rates , just wondered if this was true and do you this this may happen ?
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Comments
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Well, base rate is currently at 0.5% so it can't possibly fall by more than that!
Personally I reckon that the Bank of England will play with quantitative easing rather than drop rates any more.0 -
From the link here:UK base rate fell to a 315 year low when the official bank rate was reduced to 0.5% on 5th March 2009 and has been held at that level for 30 months in a row.
https://forums.moneysavingexpert.com/discussion/35203730 -
I think it's unlikely the base rate will be reduced again and quite frankly I wouldn't expect it to have major implications for individuals anyway. Agreed those with uncollared trackers may get a small reduction but that applies to such a small percentage of the population it's virtually meaningless.
Lenders' standard rates would be pretty much unaltered (perhaps only C&G and Nationwide reducing?) and the cost of unsecured credit is unlikely to change.
Whether such a symbolic gesture would have any impact on the economy is questionable...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
People on low tracker rates or SVRs should be preparing themselves for when rates go up, regardless of when it happens. Pay off debts, build up a savings fund and overpay or save the rest (depending on whether you can get a better rate by saving or by overpaying).0
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What beecher said.MFi3T2 #98 - Mortgage Free 15/12/20110
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I have been enjoying a very low interest rate and not looking forward to when the interest rates start to rise . The talk for the last 12 months has been that the interest rates would slowely start to rise by the end of this year but i heard the other day that the bank of england may drop the interest rates , just wondered if this was true and do you this this may happen ?
Is your mortgage interest rate linked to BOE base?0
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