The Bank of England has increased base rates to 0.75% from 0.5% after the Monetary Policy Committee (MPC) voted in favour of a rise. The base rate is used by the central bank to charge other banks and lenders when they borrow money – and influences what borrowers pay and savers earn...
Read the full story here:
Bank of England increases base rate to 0.75% - what the rise means for your mortgage and savings
Click reply below to discuss. If you haven’t already, join the forum to reply.
We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Bank of England increases base rate to 0.75% - what the rise means for your mortgage and savings
Options
MSE_Emily
Posts: 208 MSE Staff
0
Comments
-
It means your mortgage will cost more and your savings will still earn next to nothing.I am a Mortgage AdviserYou 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.6
-
I'm on a fixed rate with Barclays which finishes on 30 April. I contacted them to try to lock in a new rate last Oct but was told it was too early and that they would email me with a link to my new rates in February. (I've been with Barclays/The Woolwich for a good few years now and it's a process that's worked well in the past). Anyway, said email didn't arrive so I've been trying to do the switch online but the option to switch is greyed out. I finally managed to contact them last night only to be told that because I have power of attorney for my mum's accounts (the mortgage has nothing to do with my mum) a marker has been put on my mortgage account which means I'm not able to switch without speaking to one of their mortgage advisors! I was also told that's why I didn't receive an email with my new rates! Does anyone know why they would put a marker on my mortgage account - an account that has nothing to do with my mum's accounts? Nobody I spoke to last night had an answer and because of this, I've missed out on the lower mortgage rates that were available earlier this year.
0 -
Can anyone explain why the rate has risen? I understand in more normal times rates rise to counter inflation, however inflation today isn't due to more disposable income about but things out of our control. So, while we suffer financially due to energy and fuel rises the government gives us another kick with a rate rise.
I don't understand why.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.8K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.8K Work, Benefits & Business
- 598.7K Mortgages, Homes & Bills
- 176.8K Life & Family
- 257.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards