We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Bank of England increases base rate to 0.75% - what the rise means for your mortgage and savings

Options
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.

Comments

  • Deltacute
    Options
    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. 
  • mrbertie_2
    Options
    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. 
Meet your Ambassadors

Categories

  • All Categories
  • 344.3K Banking & Borrowing
  • 250.5K Reduce Debt & Boost Income
  • 450.2K Spending & Discounts
  • 236.5K Work, Benefits & Business
  • 610K Mortgages, Homes & Bills
  • 173.6K Life & Family
  • 249.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards