Interest rates stay at 0.5%

Posted in General

9th April 2010

The Bank of England has announced that interest rates are to stay at 0.5 per cent until the election at least.

This will come as a blow to many savers who were hoping that interest on their nest egg could offer them financial freedom during their golden years.

Those looking for a more comfortable retirement may need to look towards equity release as a means to secure a regular additional income instead.

There is extra incentive to do this after house prices went up by 1.1 per cent during March, according to the Halifax. This puts the average price at nearly £170,000 (£168,521) – almost £11,000 higher than 12 months ago.

The Halifax added that prices are now rising at their quickest rate since December 2007.

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