Bank of England slashes interest rates to combat coronavirus 'shock' - MSE News

Former_MSE_Naomi

The Bank of England has cut the base rate from 0.75% to 0.25% in a emergency response to the 'economic shock' of the coronavirus outbreak...

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'Bank of England slashes interest rates to combat coronavirus 'shock''

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flyingflea

Will this affect student loan interest rates? BoE base rate + 1% so student loan interest rate should drop from 1.75% to 1.25% if so (for the 'Plan 1' loans)

Tildaplum

Anything linked to base rate should drop by 0.5%

Lexbro

What about loans? is this a good time to borrow for home improvements? maybe a home equity loan?

Senseicads

We are due to starty negotiating our mortgage renewal in April.  Does it usually follow that a drop like this makes the fixed rate mortgage offers drop also?? does anyone know by how much if they do?

Malkytheheed

So Marcus will drop under 1%. Urgh. 

michellej1980

Senseicads said:

We are due to starty negotiating our mortgage renewal in April.  Does it usually follow that a drop like this makes the fixed rate mortgage offers drop also?? does anyone know by how much if they do?

I have already applied, had a telephone appointment and received documents today. It's not due to transfer until 1st May and the rate is only 1.54% so am unsure whether it would go much lower anyway...

RG2015

Malkytheheed said:

So Marcus will drop under 1%.

Why? Their account is not linked to base rate and they surely would not want to lose all of their customers.

Thrugelmir

Senseicads said:

We are due to starty negotiating our mortgage renewal in April.  

You can choose from the products on offer. There's no negotiation. Take it or leave it. 

Tildaplum

Now cut to 0.1%