Commenting on the Bank of England’s decision to hold interest rates at 0.5%, Tashema Jackson, money expert at uSwitch.com, says: “The news that the Bank of England has kept its base rate of interest at 0.5% will be a relief to mortgage holders. After the previous rate rise in November and the closure of the Bank’s Term Funding Scheme – which enabled the high street banks to borrow money at virtually no interest and then use it to offer consumers cheaper rates – a third increase would have further increased the pressure on household finances.
“However, just because rates haven’t gone up today, that doesn’t mean mortgage holders should rest on their laurels. The Bank has been clear that we should still expect rate rises in the not-to-distant future. Homeowners now have a window of opportunity to grab a competitive mortgage deal – especially those on their lender’s standard variable rate or whose fixed rate deal is about to end.
“When looking for a new mortgage it is important to remember that cheapest rate or lowest fee isn’t always best. Take the time to figure out how much your monthly repayments will be as well as the total you’ll repay, to ensure your decision is the best for your circumstances.”
Find out how you could save over £1,000 a year with uSwitch here.
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Launched in September 2000, uSwitch is an online and telephone price comparison and switching service, helping consumers get a better deal on gas, electricity, broadband, TV services, mobiles and personal finance products including mortgages, credit cards, car and home insurance. Last year we saved UK consumers over £278 million on their energy bills alone.
Customers can sign up to an account that automatically monitors the energy market and notifies them when they can move to a cheaper tariff, while broadband customers can conduct a speed test to find out how fast their broadband is and identify the best deal for their postcode.
The multi award-winning 'Switching Made Simple' app allows customers to compare energy, broadband, credit card, mobile and SIM-only deals – and uSwitch also has a UK contact centre manned by energy and broadband experts. Customers can post their latest energy bills to FREEPOST USWITCH to receive a free call back and be guided through the comparison process, or they can email email@example.com with their postcode and usage details.
uSwitch is owned by ZPG, which operates some of the UK’s most trusted digital brands that help empower smarter property and household decisions including Zoopla, Money, PrimeLocation and SmartNewHomes.
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