When I was buying my first property 25 years ago, the mortgage rate in the UK was around 11.3%. Since then, it has at times been painfully higher, and for the past decade, thankfully lower as the graph of UK banks’ base rates shows. Earlier this year, I negotiated to move on to a tracker mortgage. And while I will allow myself a pat on the back, I will also confess that I never imagined I would see the amount of interest I pay fall to the level it has following the Bank of England’s decision to cut its key rate to just 2%.
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