Analysis of the latest Bank of England data shows that popular mortgage deals are now seeing increases in interest rates. On the other hand savings account interest rates continue to fall and the gap between savings rates and mortgage rates is beginning to widen. This scenario has emerged as banks prey on consumers’ reluctance to change banks. However, while savings rates offered by the big banks continue to fall, lesser-known banks have started to offer account with higher rates.

Key Takeaways:

• Mortage rates are rising whilst savings rates are falling.
• While savings rates have been falling, smaller banks are raising their rates in order to attract new business.
• People should consider remortgaging in order to capture lower interest rates whilst they are still available.

“Borrowers should remortgage swiftly to capture low rates”

https://www.telegraph.co.uk/personal-banking/savings/rates-rising-can-beat-banks/