Interest Rates set to Rise in 2016

Interest rates are set to rise in the second quarter of 2016, according to the recent Bank of England’s Inflation Report

The Bank of England’s base rate is currently into its 6th year of remaining at 0.5%, which is not good news for savers but very good for new borrowers and those who are looking to remortgage.

Consumers have been enjoying historically low mortgage rates and the strong competition between lenders has continued to make attractive rates available.

The report brings good news for anyone seeking a mortgage in the second half of 2015, with lending approvals forecast to rise and borrowing costs remain low.

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