After the news that the Bank of England had cut the base rate from 5.25% to 5%, I headed into the ITV News studios for a chat with Lucrezia Millarini.
It’s the first time we’ve had a rate cut since way back in March 2020, so a pretty monumental day.
Any rate cut brings swings and roundabouts depending on your financial circumstances. The cut may be great news for millions of mortgage customers who are paying their lender’s standard variable rate (SVR), or have a tracker mortgage, as this means they should see a reduction in monthly payments from next month.
But if you’re on a fixed mortgage deal you won’t be affected right now by the rate cut. And savers who have started to see some decent savings rates in recent times could see some of those top rates whisked off the shelves.