The Bank of England has lowered its interest rate to 4.5%, the lowest in over 18 months, to provide relief for UK mortgage holders, especially those with tracker mortgages. This rate cut translates to immediate savings of around £29 on average monthly tracker repayments. However, homeowners have faced rising costs in prior years with previous rate hikes. The effect on fixed-rate mortgage holders is minimal since market pricing considers such adjustments. Additionally, savers might see decreased returns due to the lower rates.
If you're on a fixed-rate mortgage, the rate cut won't affect you immediately because it's already priced into the market.
With the base rate cut, we could see immediate improvements for many homeowners, especially those with tracker mortgages who have been struggling with higher repayments.
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