Bank of England

Rates on two-year fixed mortgage deals have dipped below 5% for the first time in five months. But brokers believe fixed deals could get even cheaper as the year draws to a close – so should you fix now or hold out?

Savers should consider locking in a top fixed rate now as the Bank of England has held the base rate at 5.25% for the second time in a row. For mortgage borrowers, the situation is less clear-cut and will depend on what type of mortgage you have and when your deal ends. 

Interest rates on fixed mortgage deals have been edging down over the past few weeks with some five and 10-year fixes now below 5%. Mortgage brokers have told MoneySavingExpert.com that further cuts are possible in the short term after the base rate was held at 5.25% this month, following 14 consecutive rises.

The Bank of England has increased the base rate from 5% to 5.25% – its highest level in over 15 years. This rate is used by the central bank to charge other banks and lenders when they borrow money – and so it influences what borrowers pay and what savers earn.

The Bank of England has increased the base rate from 4.5% to 5% – taking it to its highest level since the 2008 financial crisis. This rate is used by the central bank to charge other banks and lenders when they borrow money – and so it influences what borrowers pay and what savers earn.

The Bank of England has increased the base rate from 4.25% to 4.5% taking it to its highest level since 2008. This rate is used by the central bank to charge other banks and lenders when they borrow money – and so it influences what borrowers pay and what savers earn.

The Bank of England has increased the base rate from 4% to 4.25%. This rate is used by the central bank to charge other banks and lenders when they borrow money – and so it influences what borrowers pay and what savers earn.

Interest rates on fixed mortgage deals are expected to fall over the coming weeks, despite the Bank of England increasing the base rate to 4%. MoneySavingExpert.com's founder Martin Lewis explains what you need to know NOW about mortgage rates in the latest episode of ITV's The Martin Lewis Money Show Live. Watch the clip below or read on to find out more.

The Bank of England has increased the base rate from 3.5% to 4%. This rate is used by the central bank to charge other banks and lenders when they borrow money – and so it influences what borrowers pay and what savers earn.

The Bank of England has increased the base rate from 3% to 3.5%. This rate is used by the central bank to charge other banks and lenders when they borrow money – and so it influences what borrowers pay and what savers earn.