Bank of England base rate kept at record low for five years

Aaron Strutt Image
The Bank of England's Monetary Policy Committee has voted to keep base rate at 0.5%, pushing past the fifth anniversary since the last rate change. Aaron Strutt, product manager at Trinity Financial, says: “During the last five years there has been a huge amount of changes and the market has improved beyond recognition. “The low base rate has played a significant part in the lenders offering some of their lowest ever mortgage rates and the improvement in first-time buyer mortgage availability.” Not everybody is happy rates have stayed so low and for so long. According to Save our Savers, a pressure group, the nation's £1.2 trillion of cash savings would have been worth £117 billion more today if base rate had remained at the pre-recession levels of 5.25%. If you would like help to secure a mortgage, call us on 020 7016 0790. March 6, 2014
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