The Martin Lewis Podcast Student finance debunked – tuition fee rises – is it worth it? | UK base rate cut (mortgage & savings)
Nov 7, 2024
Dive into the world of student finance and the recent rise in tuition fees. Explore the implications of the interest rate cut on mortgages and savings. Listen to entertaining anecdotes about impulsive purchases and the regrets that follow. Discover the intricacies of student loan repayments and how earnings influence financial burdens. Plus, enjoy a light-hearted quiz segment that mixes trivia with fun banter. This entertaining mix of finance tips and personal stories shines a light on important financial decisions.
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Mortgage Rate Changes
- If you're on a tracker mortgage, expect a 0.25% rate drop after the Bank of England base rate cut.
- Variable/discount mortgages may also drop, but check with your lender.
Fixed Mortgage Rates
- Fixed mortgage rates don't directly follow the Bank of England base rate.
- They depend on market predictions of long-term interest rates.
Savings Rates
- Expect variable savings account rates to drop by around 0.25 percentage points.
- Fixed rate savings are fixed but new fixes will reflect market predictions.