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The Bank of England has held interest rates at 4.75% in December - following two falls in 2024. Interest rates affect the mortgage, credit card and savings rates for millions of people across the UK.
The current base rate stands at 5.25%. [4] The base rate was set at an historical low of 0.1% in March 2020. [5] Due to these record low rates many people with an existing mortgage were able to remortgage their home from a higher rate onto a lower rate which could result in a saving on their monthly mortgage repayments. [6]
A discount rate; where there is set margin reduction in the standard variable rate (e.g. a 2% discount) for a set period; typically 1 to 5 years. Sometimes the discount is expressed as a margin over the base rate (e.g. BoE base rate plus 0.5% for 2 years) and sometimes the rate is stepped (e.g. 3% in year 1, 2% in year 2, 1% in year three).
Similarly, in the UK "the Government is inviting views on options for a UK framework to deliver more affordable long-term fixed-rate mortgages, including the lessons to be learned from international markets and institutions". [37] George Soros's October 10, 2008 The Wall Street Journal editorial promoted the Danish mortgage market model. [38]
With UK interest rates at their highest since 2008 and seen rising further, borrowers may switch lenders for a better deal. PEXA Group buys UK remortgage processing firm as rate hikes seen ...
Rising house prices in the UK have made buy-to-let a popular way to invest. [3] The main risk involves leveraged speculation, where the landlord takes a loan to buy the property with the expectation that the house can be sold later for a higher price, or that rental income will meet or exceed the cost of the loan.
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