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Bank of England interest to stick at 0.5%
12/09/2011
It has been announced that the UK’s interest rate will stay at the record low of 0.5% which is good news for borrowers but bad news for savers.
The Bank of England’s Monetary Policy Committee has decided to leave the interest rate as the same level due to the state of the economy. The UK’s interest rate is at its lowest in history and has been at 0.5% since March 2009.
This is good news for people with existing mortgages and loans as it means a lower interest rate for repayments. But, this does mean that those relying on savings including some pensions, are feeling the loss as savings rates have dropped dramatically since the banking crisis reached its peak in 2008.
However, it’s not all bad news because the decision by the MPC can benefit homeowners aged 55 year and overs who wish to free up some funds from their house with equity release plans so that you aren’t struggling in this economic climate.
The right equity release company can help advise you on the best way to release some money from your property as well as how to lower your interest rate on any existing equity release plans.
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