Base Rate Rise August 2023 - info
Posted by siteadmin on Monday 14th of August 2023.
- With inflation remaining stubbornly high the Bank of England has once again chosen to raise the Base Rates, this time by 0.25% to 5.25%.
- The Bank of England has opted for a 0.25% Base Rate rise.
- The Bank of England has raised the Base Rate to 5.25%.
- The Bank of England raised the Base Rate by 0.25% to 5.25%, the 14th rise since December 2021 when the Base Rate was just 0.1%.
- Both secured and unsecured borrowing can be affected by the interest rate rise. Review your budget to see if you can cut back on non-essentials or even overpay any debts.
- The rise in the BoE rate to 5.25% was predicted in the markets and comes on the back of ECB (European) and Fed (US) rate rises last week.
- The long-term forecast is for inflation to fall this year, but as inflation is proving hard to reduce the Bank of England has again, increased the Base Rate.
- In changing times investors should keep a cool head and a well-diversified portfolio. Omnis spread your investments across different asset classes, global regions and styles which can smooth returns and reduce the risks to which you are exposed.
- With the Bank of England raising Base Rates 0.25% to 5.25% diversification can help you through market uncertainty that may emerge.
- The Bank of England has raised the Base Rate 0.25% to 5.25%. Did you know 57% of fixed-rate mortgages in the UK which are coming up for renewal in 2023 were fixed at interest rates below 2%.
- The Bank of England has raised Base Rates again to 5.25%. If you have a fixed rate mortgage, your monthly payments won't be affected right now.
- The Bank of England has again raised the Base Rate. If you have a tracker mortgage linked to the Base Rate, you will already have seen an increase to your monthly payments and are likely to see further rises.
- The Bank of England has again raised the Base Rate. If you have a variable rate mortgage, you may have seen an increase to your monthly payments. Your lender will be in contact explaining the new rate and what you can expect to pay.
- 2.4 million fixed-rate mortgage deals are ending between now and the end of 2024. A typical two-year fixed mortgage deal now has an interest rate of more than 6.81% and a five-year fixed rate is now at 6.34%.
- Offset mortgage rates can be slightly higher than two- and five-year fixed-rates. However, an offset mortgage allows you to reduce the interest you pay each month by linking your savings.
- Those wishing to secure all, or part of their long-term retirement income will be heartened by the increasing rates.
- Both secured and unsecured borrowing can be affected by the interest rate rise. Review your budget to see if you can cut back on non-essentials or even overpay any debts.
- Annuity rates are based on the long-term price of government bonds which in turn are closely linked to the long-term expectation of the Base Rate.
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