Base rate bad news for older generations
01 February 2024
Following today’s Bank of England base rate announcement, please see a comment below from Simon Webb at LiveMore, the mortgage lender for the 50 to 90+ age group.
Simon Webb, managing director of capital markets and finance at LiveMore, commented: “That the Bank of England has decided to hold the base rate at 5.25% is good news for people with savings, who will benefit from the higher interest rates. Depending on what inflation does, we are unlikely to see a cut in the base rate before the summer, when lenders will adjust their interest rates and savers will get less bang for their buck.
“It’s not great news, however, for people on SVRs who were hoping for a drop in interest rates. It’s particularly tough on older generations and mortgage prisoners struggling to meet their mortgage payments.”
