Base rate cut to 1% |
The Bank of England has now cut the base rate to 1%, to bring the rate to a new historic low. This is of little help to mortgage holders though unless they are on variable rate mortgages and the drop is passed on by their lender. It is estimated that around one third of the 12million mortgage holders are on variable rates. It will of course not help the remaining 8m stuck on fixed rate deals.
