| UPDATED: 22:44, Fri, Mar 12, 2021
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The Bank of England Base Rate has been held at a record low of 0.1 percent for nearly a year now, but according to new Bank of England data, one in five people (22 percent) think savings and mortgage rates have risen over the past 12 months. Only one in three are aware they have actually dropped.
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| UPDATED: 23:02, Wed, Mar 10, 2021
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Lockdown savings are something which many Britons have been fortunate enough to experience during the coronavirus pandemic, although of course, sadly many have been hit financially during this crisis. In January, the savings market increased by £13billion compared to December.
However, there are challenges which some may encounter.
She said: Borrowers sitting on a standard variable rate mortgage (SVR) may have seen their repayments fall in light of the two base rate cuts seen in March 2020, but they could stand to save much more by switching to a fixed rate deal. However, the impact of the coronavirus may have made it difficult for some consumers to move their mortgage, some may even be mortgage prisoners if their circumstances have changed drastically due to the pandemic.
“Mortgage availability was hit hard during 2020 and there was more caution adopted by providers with regards to their lending criteria, however the sector to see the biggest shake-up was for borrowers with a small deposit.
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The MPC confirmed last month that while there wasn t a wish to signal negative territory was on the horizon, they were rewriting to banks on the matter.
The report stated: While the Committee was clear that it did not wish to send any signal that it intended to set a negative Bank Rate at some point in the future, on balance, it concluded overall that it would be appropriate to start the preparations to provide the capability to do so if necessary in the future. The MPC therefore agreed to request that the PRA should engage with PRA-regulated firms to ensure they commence preparations in order to be ready to implement a negative Bank Rate at any point after six months.