UK interest rates rise to 3.5% Here's what it means for your money ⬇️
Andrew Montlake, managing director of Coreco Mortgage Brokers, said: “I expect the Bank will now start to adopt a more cautious approach and see what happens to inflation, which is expected to reduce next year, before moving too much further upwards.
“In my view lenders could reprice downwards in the first quarter of 2023 and with more affordable mortgage rates and house prices easing 2023 could well be the optimum year to buy.”Variable rate savings accounts will likely go up, as they have been reacting to the base rate increases in recent years, albeit not at the same level.
As a result we are seeing the rate for fixed rate bond rates falling. Currently the best one-year bond is paying 4.32 per cent through Smart Save, a new bank that is fully regulated, when after the mini budget you could get 4.75 per cent for one year. This increase is due to interest rate rises, suggesting further hikes could lead to credit card interest rates going even higher. Credit card rates tend not to be increased straight away after a base rate; often providers wait for one to do it , then they all pile in.Helen Morrissey, pensions expert at Hargreaves Lansdown, the investment platform, said an increase of 0.
“Over optimism therefore needs to be tempered and investors should probably reduce exposure to companies that are going to be particularly vulnerable to a downturn in consumer spending, like firms in the hospitality, travel, retail and property sectors and concentrate more on areas like healthcare, consumer staples and utilities that typically prove more resilient in tougher economic times.
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