Timeline: interest rates since the Brexit referendum. As Brexit looms on the horizon, you might wonder how this unprecedented political event might affect the economy. While no one has a crystal ball, it can be helpful to look at what happened to the base rate during the past two years of Brexit votes and negotiations.
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The Bank of England might decide to raise interest rates, or cut them. Or, they could stay the same. At the moment, the base rate is 0.5% – which is historically low. If interest rates are cut, this would make borrowing cheaper. So, if you’re on a variable rate mortgage, your monthly payments could go down.
Expect more of the same; brexit uncertainty, stamp duty rises and higher tax on buy-to-let is already hammering the capital’s market, so a 0.25% rate rise has little extra impact.
The base rate is used as a benchmark for interest rates generally, and also affects the interest paid on variable rate mortgages and the interest earned on variable rate savings accounts. It’s now 10 years since the Bank of England cut the base rate to 0.5% as part of emergency measures during the financial crisis.
Many, however, do not expect Brexit to affect the market in the long term. Michael Fratantoni, the chief economist for the Mortgage Bankers Association, believes that by December 2017, interest rates.
The interest rate had already been set at a historic low of 0.5% since the financial crisis in 2009. The further cut on August 4 will directly reduce the interest paid on mortgages that track the Bank of England base rate. Mr Matsu said that fixed rate mortgages could also be fixed at even lower rates if the Bank of England interest rate comes down.
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So how is Brexit going to affect these ‘interest rates’ you speak of? Straight after the vote the Bank of England decided to lower interest rates, which it said would make people’s debts a bit cheaper, and encourage them to spend more.. According to the BBC, lowering the rate added up to the equivalent of 22 off an average monthly mortgage payment, and 25 less interest earned on 10,000.
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