Which? responds as Bank of England cuts interest rates to 4.5%

Jenny Ross, Editor of Which? Money, said:

 "Though the decision to cut interest rates again will offer some small relief to those remortgaging or buying, mortgage rates are unlikely to fall dramatically in light of the announcement. As a result, many households may still be concerned about meeting their repayments.

"Anyone worried about managing their payments should speak to their mortgage lender, which is obliged to help. Lenders may be able to suggest alternative payment options, such as a temporary payment holiday or only paying the interest on repayments.

"Savers should also review their accounts, as it's likely banks will be quick to slash the rates on instant-access products. Be sure to shop around for the best rates to ensure your money is working as hard for you as possible - our research has found that digital banks and building societies have consistently outperformed traditional high street banks' rates, so remaining loyal to one provider could be a costly mistake."

-ENDS-