Bank of England holds interest rates at 5%
The personal finance landscape remains dynamic in anticipation of further cuts in the not-too-distant future.
19th September 2024 12:29
by Myron Jobson from interactive investor
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Commenting, Myron Jobson, Senior Personal Finance Analyst, interactive investor, says: “Even though interest rates haven’t budged, the personal finance landscape remains dynamic in anticipation of further cuts to the base rate in the not-too-distant future.
“Those in the market for a mortgage, whether they are prospective buyers or homeowners approaching the end of their fixed-rate deal, will be encouraged by the flurry of mortgage rate reductions in recent weeks. With the Bank of England indicating that further rate cuts are likely before the year is up, many will be holding off until the last possible moment to secure the best deal. The harsh reality for those looking to remortgage is that new deals will be far from the attractive rates of yesteryear.
“With interest rates on a downward trajectory, the message to savers is simple: get your skates on and secure the best savings deals while you still can. For those who can afford to lock up their money for at least five years, consider investing for the potential to achieve returns that outstrip both savings rates and inflation.”
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