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Bank of England Base Rate Remains in an Oasis of Calm

Business, Mortgages, Savings

Bank of England Base Rate going nowhere

Hello, the talk tonight will be of the continuing low BoE base rates. We are only a month away from the 5th anniversary of the base rate being reduced to historic lows of 0.5%. It seems as though these low rates may live forever.

If you are worried how an interest rate rise will affect your finances, then don’t go away, read my previous post. Personally I acquiesce that the BoE is unlikely to raise the base rate until 2015. That said, I don’t think that Lenders will continue to offer the low fixed mortgage rates we’re seeing at the moment for very long either. Existing mortgage borrowers who are on their lender’s standard variable rate are going to have to make some decisions. These are likely to be along the lines of either paying a little more now or paying a little more later.

If you have money held on deposit, don’t look back in anger over the past five years of low returns. Instead go let it out little by little and soldier on.

Some might say that monthly posts about nothing happening with the base rate are well… whatever. I look at it as an opportunity to get mucky fingers and slip as many song titles from a certain Mancunian band in, just for the fun of it. D’you know what I mean?

So how many song titles did you count?

About Ciaran Scullion

I am a Financial Planner and Mortgage Adviser. I provide Independent Financial Advice through my company From Acorns Financial Planning Ltd to personal and business clients throughout Northern Ireland from my base in Tyrone, Mid Ulster.

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