So, the Bank of England has decided to cut it's interest rate to 0.1%. This is not very good news for savers who have been struggling for long to get a decent return.
However, for borrowers this rate cut will prove helpful to an extent.
If you are about to buy a property now or remortgage the monthly payment will be lesser. This may be a good time to get a good fixed rate on your mortgage.
For those on tracker mortgage, they will see their payments reduced.