7 Aug

Tracker mortgages set for another month of interest stability

Tracker mortgages set for another month of interest stability

People whose mortgage repayments are calculated on a tracker basis may be interested to learn of the latest interest rate decision.

The Bank of England announced today that the base rate of interest is to be held at 0.5 per cent until at least the September meeting of its Monetary Policy Committee (MPC).

August is therefore the fifth consecutive month that the rate has been kept at this level, having last been cut in March.

At present, the base rate is at its lowest in the history of the Bank.

Repayments on tracker mortgages are tied into the rate of interest set by the central bank - and so the latest news is likely to be welcomed by holders of such loans.

Meetings of the MPC generally take place on the first Wednesday and Thursday of each month.

The governor, the two deputy governors, the Bank's chief economist, the executive director for markets, four external members appointed directly by the chancellor and a Treasury representative attend the sessions.

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