The Bank of England is expected to increase the base rate again tomorrow Here's what a higher base rate will mean for your finances, covering: 🔺 Mortgages 🔺 Savings 🔺 Credit cards and debt 🔺 Pensions 🔺 Investments
“However, fixed-rate mortgages have been gradually falling in recent weeks and we expect this trend to continue as the market has already priced in a base rate rise.
Some people will struggle to decide whether to stick with a tracker, which follows the base rate, or opt for a fixed term which, while lower, is still likely to come down further in the coming months.SavingsAnna Bowes of Savings Champion said: “A hiked base rate should spark another round of increases to variable rate savings accounts, as these accounts are more reactive to base rate changes as they happen, although it’s rare to see rates move directly in line.
Fixed saving rates have also started to stall. This is because these accounts tend to be priced by what the market is anticipating will happen to the base rate. Therefore, the fall from a high in October last year is a reflection that the market is now expecting this round of base rate hikes to come to a close shortly – at a lower level than previously thought.
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