The collapse of the remortage market as borrowers coming to the end of fixed-rate deals opt to remain on reversion rates, is prompting lenders to raise their standard variable rates (SRVs).
According to Moneyfacts.co.uk some borrowers on SVRs have benefited from the record low 0.5% base rate but others have not been so lucky.
The financial [...]
Interest rates on personal loans are finally starting to fall.
The average interest rate on the top ten loan deals has fallen to 8.35%, the lowest level since the Bank of England reduced the base rate to 0.5% last March.
When the Bank of England first lowered the base rate, mortgage and current account providers followed suit, [...]
The Bank of England’s Monetary Policy Committee has kept the base rate at 0.5% in November, as widely expected.
The historically low rate has been extended for the eighth successive month, in efforts to keep borrowing as cheap as possible as the UK struggles on in recession.
In addition, the Bank has announced that it will pump [...]
Consumers have seen very little benefit from the Bank of England holding its base rate at a record low of 0.5% for six months, a consumer advice site pointed out this week.
Interest rates on savings accounts have dropped, while rates on mortgages, credit cards, and personal loans have continued to rise, said Moneyfacts.co.uk.
Research by the [...]
Barnsley Building Society has launched a range of new Online Bonds paying interest at a fixed rate of up to 5.4%.
The three, four, and five year bonds pay a gross/AER rate of 5%, 5.15%, and 5.4% respectively.
Minimum balance to open the bonds is £100, and maximum is £500,000.
Sarah Lawrence, Barnsley’s senior product manager, encouraged savers [...]
Consumers taking out a personal loan are “paying through the nose” due to soaring interest rates.
Banks are now charging an average APR of 10.32% on personal loans even though the Bank of England’s base rate has been held at a record low of 0.5%.
This compares to an average personal loan APR of 8.71% in 2004.
“Despite [...]