New interest rate low

Well yet again it's the savers that get the proverbial kick in the teeth as the Bank of England has cut interest rates to 1%. There may be some good fixed rate savings accounts out there but they are getting rare on the ground.

Well it is good news for variable rate mortgage holders. (unless your lender has put a 'collar' on the rate and is no-longer lowering the interest. Check the small print) Now may be the time to start paying off more of the capital of the mortgage this way when the rates go back up there is less capital for the interest to be charged on.

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