On the same day I got an email to say my savings rates were going down, what a surprise!

There seems to be a common misconception that mortgage interest rates are linked to the BoE rate, which if you’re out of your initial fixed period is somewhat true, however the majority of deals are more influenced by swap rates, such as SONIA. The rate drop had already been priced in over the last month or so, and now with the uncertainty surrounding the US since the election, and the recent budget, rates are starting to creep up again.