What is a good interest rate on equity release?
Equity release plans often offer the option to protect a portion of the property’s value as an inheritance for loved ones.
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How much interest is tax-free?
While you may need to pay tax on interest if you go over your PSA, you don’t pay any tax on interest with Individual Savings Accounts (ISAs). They’re tax-efficient savings or investment accounts available to UK residents.
How does the Bank of England make interest rate decisions?
When it comes to how the BoE makes interest rates decisions and sets interest rates, it is essential to know the role of the Monetary Policy Committee (MPC). Members of the MPC meet eight times a year after a briefing by staff from the central bank.
Political decisions mean rates will rise again
Chancellor of the Exchequer Jeremy Hunt came under severe pressure after his autumn budget statement, will his tax rises impact short-term interest rates? There is growing concern that delaying the worst tax rises for another two years will not help the Bank of England in its quest to control inflation. So, could there be more short-term pain before the tax increases have an impact?
Mortgage rates to remain high and house prices set to drop over next two years
Recently released data has suggested that while interest rates are expected to remain high over the next two years, house prices will likely fall in 2023 and 2024 before rising again.
BoE chief warns further rate rises are coming
The Governor of the Bank of England has warned that there could be more rate hikes to come due to a tight labour market.
Banks to shift away from ‘jumbo’ rate hikes
Following a spate of jumbo rate hikes over recent months, economists are predicting that central banks will now adopt a gentler strategy with smaller rate hikes as inflation starts to cool.
Bank policymaker says UK interest rates higher than needed
An external MPC member from the Bank of England claims that interest rates in the UK are already higher than necessary in order to tackle inflation.
Bank says early retirement fuelling rate rises
The Chief Economist of the Bank of England, Huw Pill, has warned that further interest rate hikes are on the cards due to a surge in the number of people retiring early.
Bank ups rates on flagship current account
A leading High Street bank, Santander, has increased the rate of interest paid on its flagship current account from 1.50% to 1.75%.