7
Aug
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.
