Should You Track the Market or Lock it In? Unveiling the 2024 Tracker Mortgage Advantage in the UK
The year is 2024 and for UK homeowners, navigating the mortgage landscape can feel like a tightrope walk. Interest rates are fluctuating, fixed-rate deals remain competitive, but a potential glimmer of hope shines through: tracker mortgages. For the uninitiated, tracker mortgages mirror the Bank of England’s base rate, meaning your interest rate adjusts accordingly. So, […]
Sterling holds near $1.27 as UK plans re-opening, short positions increase
Sterling rose against the dollar on Monday, as plans to ease coronavirus lockdowns in the UK and signs the economy may bounce back due to pent-up demand kept the currency just below the $1.27 touched late last week. Analysts warned, however, that Brexit remains a risk for the pound – which has rallied for seven […]
Bank of England rate cut story hots up for UK markets
Despite some dovish-sounding language from Bank of England officials over recent days, we think it’s still too early to be pencilling in rate cuts. We take a look at what all of this means for the pound and UK rates. Don’t over-interpret Governor Carney’s comments Amid a temporary lull in Brexit turbulence, the Bank of […]
How have UK interest rates changed over time?
UK interest rates: key figures Date set Rate Current bas rate 2 May 2019 0.75% Highest base rate 15 November 1979 17% Lowest base rate 4 August 2016 0.25% Who sets UK interest rates? The UK interest rates are set by Bank of England’s (BoE) monetary policy committee (MPC) by means of a vote. Mark Carney is the governor […]
Ten years of rock bottom interest rates has cost savers £188bn
Tomorrow marks the 10-year anniversary of the Bank of England cutting interest rates to 0.5%. And during that time, savers have collectively missed out on at least £188bn – the equivalent of £7,101 per household, according to investment platform Hargreaves Lansdown. Sarah Coles, personal finance analyst at the firm, said: “We’ve lived through a miserable decade for savers. The Bank […]
UK consumer lending growth slows to new three-year low, mortgage approvals jump
Lending to British consumers slowed again last month to its weakest rate in more than three years, but there was a pick-up in the housing market with a jump in mortgage approvals, Bank of England data showed on Thursday. The BoE figures showed the annual growth rate in unsecured consumer lending fell to 7.5 percent […]