Bank of England decision and how it affects landlords

Thousands of landlords up and down the country were all waiting for the Bank of England’s decision on interest rates. Well now they have had a day to reflect, you have to wonder what their views are.

I spoke to a friend just a few hours ago who owns 24 properties, he was hoping that their was going to be a reduction in the base rate by 0.25%, so he was little upset that interest rates remained the same.

If the Bank of England’s Monetary Policy Committee had made the choice to reduce the base rate, then I am sure my friend would have had a different tone in his voice when he rang me.

But it is not just landlord’s who is affected by this decision; my father spoke to me to say how unhappy he is that the rate did not go up. The thing is my father has a nice amount of money in many kinds of savings accounts, so a rate increase would have been great news to him.

I keep telling my dad that if the rates did go up then it could affect thousands of people who have a mortgage, like his son, my brother.

Are you one of those who were shocked with the Bank of England decision?