Bank of England Cuts Base Rate

 In Mortgage News

Bank of England Cuts Base Rate

Bank of England cuts base rate by 0.5% – An emergency cut in interest rate has been announced by the Bank of England yesterday 11th March 2020. This will benefit some existing mortgage customers on variable rate type mortgages in the short term.

The Bank of England base rate was cut from 075% down to 0.25% which was a unanimous decision made by the policymakers in light of the Coronavirus disease (COVID-19) outbreak.

This is a temporary measure to help the economy.

What does this mean for you?

  • Fixed-Rate – Your mortgage payments will not change even if interest rates rise.
  • Variable-Rate – This will mean that anyone on any type of variable rate such as a discounted mortgage, tracker or even the standard variable rate (SVR) may see a reduction in what they pay. Mortgage lenders will inform their customers about the rate change and how it will affect mortgage payments.

Bank of England base rate is now 0.25% as of 11th March 2020.

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