Which? responds as the Bank of England cuts the base rate to 4.25%

Jenny Ross, Editor of Which? Money, said:

 "This latest base rate cut is good news for mortgage borrowers, who will have been pleased to see banks preemptively cutting rates in the last few days. 

"While it seems that this downward trend is set to continue as banks battle for the competitive edge, those coming to the end of fixed term deals will likely still see their repayments rise. Anyone with concerns about meeting their payments should speak to their lender as soon as possible - they're obliged to help.

"Unfortunately for savers, banks are now likely to cut their rate of return. Competitive rates are still available though - particularly away from the high-street - so be proactive and shop around for a better deal. When it comes to your savings, loyalty rarely pays."

-ENDS-