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Bank of England Interest Rates Keep Mortgage Interest Rates Low

Bank of England Interest Rate Decisions

It is probably true to say anyone with a Variable Rate Mortgage or a Tracker Mortgage will be listening with trepidation every month when the Bank of England announces whether it will be raising the Bank Base Interest Rate, keeping it where it is, or lowering it.   It is only those on a flavour of Fixed Interest Rate Mortgages who don’t need to worry about these decisions affecting their mortgage repayments.

The last change in the Bank Rate was a reduction of 0.5 percentage points to 0.5% on 5 March 2009, which was great news for mortgage holders.

The next decision comes on 4th February 2010, so I for one will be watching for the announcement with my fingers crossed that there will be no rise in the Bank Base Rate again this coming month.