With the Coronavirus continuing to spread throughout the world and the UK, economies are being hit incredibly hard and households are starting to feel the strain.
Although the outbreak isn’t yet thought to have hit its peak in the country, many employers are advising that staff work from home where possible and in some cases companies have sadly already had to close their doors.
The uncertainty both economically, as well as on individuals and their families, is really starting to show and with this is mind the Bank of England have decided to drop the interest rates to an all-time low at just 0.1%!
The Monetary Policy Committee voted unanimously to reduce the Bank of England Base Rate. The Base Rate is used by banks and lenders to set their own interest rates, and it is thought that this cut in rates will be passed on to customers to try and ease financial pressures. If this cut is passed on to borrowers and homeowners they could see a reduction in their monthly repayments on their borrowing and mortgage repayments.
The downside is that it will have the same effect on individuals savings which means any savings they do hold will be weakened.
If you’re looking for advice regarding financial matters and are thinking about how you can save money on your outgoings, your mortgage is a great way to start. Why not speak to one of our Mortgage Advisers about re-mortgaging, mortgage payment holidays, equity release and much more. We can assist with your questions in this time of uncertainty. Give us a call on 03333 44 85 11 or email email@example.com