Will homeowners see any benefit from the rate cuts?

After a series of interest rate hikes between August 2006 and July 2007, which left many homeowners struggling to keep up with mortgage repayments because of the higher interest rates from banks, many were relieved to see interest rates plummet over recent months. In October of this year the Bank of England reduced the base rate from 5 percent top 4.5 percent, and a month later the central bank wiped another 1.5 percent off the base rate, taking it to just 3 percent. In December yet another 1 percent came off, which took the base rate to a fifty seven year low of just 2 percent. Read more

Tags: market, base rate, chancellor of the exchequer, rates, great news, property market, mortgage rates, Savings and loan association

Savings Accounts – Are They Worth It?

It wasn’t like that in my day

It’s an often heard phrase usually uttered by a disgruntled and crumpled pensioner about some aspect of modern life. Well, thank goodness it’s not like it used to be as far as savings bank accounts are concerned. They used to be pointless; today they are a little different. Read more

Tags: saving, Wise words, savings accounts, recession, leicester