Which? comments on Bank of England raising base rate to 1.25%

Danielle Richardson, Content Editor of Which? Money, said: "This base rate increase will have an impact on mortgage holders and savers, at a time when money is tight for millions of households. Mortgage borrowers on fixed deals won't see any change to repayments, but those on a tracker or variable rate mortgage could see their rates increase. "Borrowers on standard variable rate mortgages will also be vulnerable to future rate rises, so now could be a good time to consider switching to a fixed deal with more competitive rates. "Interest rates for savers have been going up recently, albeit from record lows, but there is no guarantee that your provider will pass on the latest increase. Consider taking the time to research the market if you're looking for the most competitive deals."
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Notes to Editors