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If you are covering the news that the Bank of England has opted to hold interest rates at 0.75%, please see the following comment from Karen Noye, mortgage expert at Quilter:
“There was a lot of speculation that the Bank of England was going to cut interest rates today as a result of the UK’s stagnant growth. However, following the landslide election results at the end of last year there has been an increase in business confidence resulting in the BoE opting for a wait and see approach and holding the rate at 0.75%.
“Borrowers were likely hoping for an interest rate cut today as this could have put a some extra money in their pocket each month. However, the cut would only positively impact those on a variable-rate mortgage or a "tracker" mortgage initially, with those a fixed-rate mortgage not benefiting unless they are coming to the end of their term. However, despite the decision to hold steady some lenders have already reduced their rates this week in the run up to the announcement.
“Looking to the future the BoE’s next interest rate decision is going to be guided by whether the increased levels of business confidence continue or if the outlook starts to sour as a result of faltering Brexit talks.
“Despite the rate being held there are still lots of competitive deals on the market, particularly in the short term. Interestingly there are still lots of people still choosing to opt for a 5 year fixed rate deal rather than 2 year fixed rate deals. Everyone’s financial circumstance is different and a mortgage adviser will be able to look at someone’s holistic financial life and help someone choose the right deal for their specific needs.”
Notes to Editors:
About Quilter plc:
Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.
Quilter plc oversees £95.3 billion in customer investments (as at 31 March 2020).
It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.
The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.
Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.
Wealth Platforms includes Old Mutual Wealth UK platform and Quilter International, including AAM Advisory in Singapore.
The Old Mutual Wealth Heritage life assurance business was acquired by ReAssure Group Plc on 2 January 2020.
Since its IPO in June 2018, Quilter plc’s businesses have progressively rebranded to Quilter, as follows:
This press release is for journalists only and should not be relied upon by financial advisers or customers.
Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.
This communication is issued by Quilter plc. Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270. Registered in England.