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5 Year Anniversary for 0.5% BoE Base Rate

Business, Mortgages, Savings

The Base Rate stays at 0.5% for 5 years running

Interest rates will remain at 0.5% for another month after today’s announcement by the Bank of England.

At this point economist and advisers all over the UK will be making their predictions as to when the rates will rise. My advice is simple for those with mortgages, stress test your finances by calculating the effect of an interest rate rise.

Check out our earlier post What if interest rates rise?

For savers it’s a little more complicated, savings rates are almost negligible so you may need to consider investing your savings.  But before you invest make sure you understand and are comfortable with the risks.  There is no point chasing returns if you can’t sleep at night worrying about the stock market.

If you need advice on mortgages, savings or your investments call 02895 815000.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

The value of units can fall as well as rise, and you may not get back all of your original investment.

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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