Bank of England Keeps Base Interest Rate at 0.5% in April 2010

Another month goes by, and thankfully the Bank of England has kept the Base Rate at 0.5% this month.  With the exception of those on Fixed Interest Rate Mortgages, mortgage holders will be pleased to see this snippet of good news when there is so much gloomy talk about the recesssion everywhere you look.  As always,  savers won’t aren’t being rewarded well, but we can’t have it both ways.

The Bank of England Base Rate has now remained at the 0.5% level since 5th March 2009.

There are always some great Mortgage Best Buy Deals out there, so keep a watchful eye on the latest announcements.

Bank of England Interest Rate Decision Today, 4th February 2010

It is a huge relief for anyone with a Variable Rate Mortgage or a Tracker Mortgage to see that the Bank of England has once again left the Bank Base Rate at 0.5% this month.

In announcing the decision, the summary on the Bank of England website states ‘In the light of the Committee’s latest Inflation Report projections and in order to keep inflation on track to meet the 2% inflation target over the medium term, the Committee judged that it was appropriate to maintain Bank Rate at 0.5%…’

Of course, those with Fixed Interest Rate Mortgages can sleep easy anyway.

However, it is always worth keeping a keen eye on the Best Buy Mortgages available, as there is always a steady stream of Mortgage Best Buy Deals being announced.

The last change in the Bank Base Rate was a reduction of 0.5 percentage points to 0.5% on 5 March 2009.

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.