As expected, this weekend’s financial news focused largely on the first increase in the Bank of England base rate for more than 10 years.
Most looked at the impact on borrowers, savers and landlords. Many will already have taken advantage of ultra-low fixed rates over recent months, but there are still around 3.7 million customers sitting on their lender’s Standard Variable Rate. With fixed rates expected to edge up further, the Telegraph urged borrowers to act quickly.
The Financial Times also reported on recent comments by the Bank of England’s Deputy Director, who has warned that a couple of further increases could be required in order to get inflation back on track.
In the Mail on Sunday, industry experts suggested that those borrowers who are on a fixed rate, and will not be affected by any rate changes, should consider overpaying. Not only will this help to reduce the debt while interest rates are still low, but it should also help to be better prepared when that deal comes to an end and it’s time to remortgage.
What the papers said about the first interest rate rise for a decade