Personal loan, mortgages and saving rates are on the up

Posted At : 10 October 2007 22:52 | Posted By : MoneyEverything
Related Categories: Loans

The FT reports personal loan, mortgages and saving rates are now moving independently of the Bank of England base rate.

This means, despite the Bank of England holding the base rate at 5.75%, rates that are usually tied to this figure are still changing. Many lenders have increased interest repayment rates on personal loans and mortgages while decreasing rates paid on savings accounts.

Holding the base rate indicates the Bank of England have yet to see enough evidence of change to make adjustments but the lenders independent actions show their concern over the current state of the market. In the wake of the Northern Rock troubles it's hardly a surprising reaction.

While the changes certainly aren't in the customers favour, the held base rate is a good indication of the Bank of England's confidence in the economy.

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It is a good time to sign up for a <a href="http://www.hsbc.co.uk/1/2/personal/current-account...">bank account</a> with saving rate increasing as bank try to get their hands on customers cash. It is hard at the moment for them to get it, and we seem to be the beneficiaries of market liquidity being at a low.

# Posted By Jonny | 26/06/08 15:55

Now-a-days the prices are increasing and the value of money is decreasing. Because of this reason the banks have increased their lending rates .
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# Posted By gloster | 27/06/08 09:10

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