Early Christmas present for homeowners as Bank of England cuts base rate
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Early Christmas present for homeowners as Bank of England cuts base rate
"From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging. At such a critical moment in US history, we need reporters on the ground."
"Analysis suggests that, the average homeowner on a tracker mortgage could save almost 29 each month following the quarter-point reduction. UK Finance specified that, based on typical outstanding balances, tracker borrowers will see their repayments fall by 28.77. Meanwhile, those on a standard variable rate (SVR) mortgage are projected to save 13.88 monthly, assuming lenders fully pass on the rate cut. Lenders set their own SVRs but in practice they often follow the movements of the Bank of England base rate."
The Independent requests donations to fund on-the-ground reporting across issues including reproductive rights, climate change and Big Tech, and highlights investigations such as Elon Musk's pro-Trump PAC and a documentary called 'The A Word' about American women fighting for reproductive rights. The publication chooses not to use paywalls and aims to be funded by those who can afford it. Homeowners with variable-rate mortgages will see monthly payments fall after the Bank of England cut its base rate from 4% to 3.75%. Analysis and UK Finance data estimate tracker and SVR borrowers could save roughly 28.77 and 13.88 per month respectively, with hundreds of thousands of such mortgages outstanding.
Read at www.independent.co.uk
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