The Bank of England will decide what it will do to the base rate this Thursday
The official rate of interest – which benchmarks the rate banks charge for mortgages and other borrowing – was kept unchanged in September It is predicted the Bank’s Monetary Policy Committee , a group of economists who set the rate, will hold it once again at 5.25 per cent. Four fifths of economists polled by Reuters believe it will stay steady while the other fifth expect an increase.
Lately, something else is a factor too: how few people are applying for mortgages. As the number of people doing so has dropped significantly , lenders are having to drop rates to get new clients.
There is considerable demand for lodgers at the moment as the rental crisis bites, so you shouldn’t have too much letting the room.Renters are indirectly affected by the Bank of England base rate rise as it means their landlords’ costs are increased which in turn means they have to charge more rent.
Sarah Coles, personal finance expert at Hargreaves Lansdown said: “We may well have passed the peak for savings, with some of the best fixed rates gradually disappearing. Drops in the easy access market are harder to spot, but the best rates tend to be associated with limited numbers of withdrawals, so if you’re looking for a truly easy access account, you might find your options more limited.
You can buy an annuity with some or all of your pension pot. You used to get a return of 3 per cent before the rate increases, but now it is more like 6 per cent.
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Bank of England Expected to Pause Interest Rate RiseExperts predict that the Bank of England will not raise interest rates at its upcoming meeting, marking the second consecutive pause after two years of consecutive hikes. The base rate is likely to be kept at 5.25%, although there is a slight chance of an increase. Little new data since the last vote suggests that those who voted against a rate hike are unlikely to change their minds. However, some experts still believe that the decision makers might choose to raise rates based on other factors.
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