Incremental cuts likely over two to three years with rates expected to stay well above pre-Covid levels of 0.75%Bank of England cuts interest rates to 5% in narrow voteHow will Bank of England interest rate cut affect my finances?Business liveBorrowers will breathe a collective sigh of relief. The Bank of England has cut interest rates from 5.25% to 5% and in response the major lenders have already begun to shave their best buy mortgage offers.Those wanting to get on the housing ladder will find property slightly more affordable after the cut, which ends a year of ultra high borrowing costs and is the first rate cut in more than four years. Continue reading…
Source link : https://www.theguardian.com/business/article/2024/aug/01/relief-for-borrowers-as-uk-interest-rates-cut-but-little-sign-of-bigger-reductions-to-come
Author : Phillip Inman
Publish date : 2024-08-01 12:00:04
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Relief for borrowers as UK interest rates cut but little sign of bigger reductions to come
