Bank of England cuts base rate to 4.75% – what it means for you and how much further it could fall

MSE_Emily

The base rate has been cut to 4.75% from 5% by the Bank of England. This rate is used by the central bank to charge other banks and lenders when they borrow money, so the move can impact mortgage and savings rates...

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Bank of England cuts base rate to 4.75% – what it means for you and how much further it could fall

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Jemma01

Sitting in the celebration corner with my tracker folks

PCulbert1

Question to Martin - yet again Nationwide refuses to cut its BMR mortgage rate so I and many others will see no cut in their repayments. This is at least the 2nd time in a row Nationwide has not cut its BMR rate following the BoE cut. How can they justify this? Nationwide seems to only reward certain members despite all its guff about how great it is to be a member of a building society rather than a bank customer. Members like me get zero from them. 

chanz4

hakufax increased the other week,  to drop ,,,,,

ReadySteadyPop

PCulbert1 said:

Question to Martin - yet again Nationwide refuses to cut its BMR mortgage rate so I and many others will see no cut in their repayments. This is at least the 2nd time in a row Nationwide has not cut its BMR rate following the BoE cut. How can they justify this? Nationwide seems to only reward certain members despite all its guff about how great it is to be a member of a building society rather than a bank customer. Members like me get zero from them. 

Mortgage rates are controlled by the money markets, in particular the "10 Year Yield", we will probably see mortgage rates rising soon as bond market volatility increases with Trump`s tariff policy, why not put some money into a money market fund held in an ISA to capture some of this volatility and use the monthly dividends as extra mortgage payments?

MSE_Molly_G

Hi all. Just wanted to flag that we've updated this story with a table on what the major lenders are doing to their rates, and what we know so far about savings rates too: 

Bank of England cuts base rate to 4.75% – what it means for you and how much further it could fall

Thanks!