What Does The Interest Rate Cut Mean For You?

The Bank of England has cut interest rates from 0.5% to 0.25% - a record low and the first cut since 2009, in a bid to counter the threat of a post-Brexit vote recession. Customers on tracker mortgages, however, will benefit immediately as their mortgage rate is linked to the Bank of England's base rate. For example, let's say a homeowner has a tracker mortgage of £150,000 over 25 years with a base rate of 2%.