Money Wellness
Image of Ian Somerset, chief executive of Money Wellness
calendar icon01 Feb 2024

Our view on today's interest rate decision

"There was optimism at the start of the year that interest rates might begin to fall, but this became increasingly unlikely with December’s surprise rise in CPI inflation.

“With borrowing costs at a 16 year high, the pause won’t be warmly welcomed by the 1.5 million homeowners whose fixed rate mortgages are due to expire. However, there is light on the horizon with many economists predicting rates to start dropping from summertime onwards.

“Unfortunately, that might come too late for some. Currently we’re supporting record numbers of homeowners struggling with cost-of-living pressures. And I’d say to anyone struggling with unaffordable mortgage costs to get support as early as possible. There is help available and lots can be done to protect your home.”

Avatar of Caroline Chell

Caroline Chell

Caroline has worked in financial communications for more than 10 years, writing content on subjects such as pensions, mortgages, loans and credit cards, as well as stockbroking and investment advice.

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