After the recent news about the Brexit there is understandably some concern about what will happen in the future to interest rates.
It has recently been speculated that there may be a further interest rate cut by the Bank of England which would of course be welcome news for those with mortgages and debts, but at the same time it would also be bad news for savers.
In regard to mortgages, those with fixed and tracker rates will get even cheaper. A rate cut to 0.25% by the Bank of England would cut a typical mortgage of around £160,000 by £20 per month.
The Bank of England’s interest rate has been at an all time low since March of 2009. The Bank of England’s interest rate is used to assist the economy during times of uncertainty and after the Brexit it could be used to help steer the economy if needed.
With all the uncertainty and much hyped press coverage it can be a little be disconcerting in terms of what will happen to a family’s savings, mortgage and debts but that is where taking the time to get some financial advice can really help.
If you’d like to discuss your existing mortgage, your savings pension or debts then we are on hand to provide you with tailored financial advice and help put your mind at ease. We can also help if you’re looking for a new mortgage, you’re a First Time Buyer or you’re looking for pensions, savings or general financial advice. Why not get in touch today and take a step towards achieving your financial goals.