INTEREST RATES AT RECORD LOW

Posted on Thursday, August 4, 2016


INTEREST RATES AT RECORD LOW

With today's cut in interest rates to 0.25% it could be argued that Bank of England has removed almost any incentive to carry on saving money in regular accounts. Banks and building societies have been cutting their savings rates all year and even withdrawing products altogether when too many people subscribe. Their message is clear: they don't want our money.

So what to do?

The stock market is an option but, as an amateur, it's a minefield of guesswork and a constant rollercoaster of ups and downs to make a day at Alton Towers seem quiet. And, of course, everything can be lost overnight. Not for the faint-hearted or risk-averse, particularly in the jittery post-Brexit era.

However, with such an extraordinarily low borrowing rate, we really do see an opportunity here for buyers and homeowners to find themselves a truly super deal. Whether it's to take that first step onto the property ladder, trade up in the next move, purchase a second property or even remortgage, this kind of opportunity is a rare thing indeed. It also throws a welcome dose of possibility at the property market and is something we feel should not be missed.

Even with the existing uncertainty over the UK economy - and thus, of course, short-term property values - no matter what happens with house prices, people's homes don't just disappear. They can still be lived in, enjoyed, rented out and improved whatever and whenever; not just in Redhill, but everywhere. So despite the current mood, the adage of being safe with bricks and mortar - or indeed concrete and glass - still rings true.