02/08/2018 00:22:35
The Bank of England today raised the base rate from 0.5% to 0.75% - only the second rise in over a decade. Here's what it means for your finances.
The base rate is the Bank of England's official borrowing rate - ie, what it charges other banks and lenders when they borrow money - and it influences what borrowers pay and savers earn. The increase announced today follows a rise last November from 0.25% to 0.5%.
The Bank's Monetary Policy Committee (MPC) voted 9-0 to raise the rate and said that future rises "are likely to be at a gradual pace and to a limited extent".
Here are the key need-to-knows for your finances:
Now could be the time to look at your current mortgage. We work in partnership with fully authorised and regulated mortgage advisors who can arrange the mortgage finance and insurance products for the purchase or remortgage of your property.
To speak to an advisor get in touch with your local Scottish Property Centre branch today.
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