UK mortgage holders urged to lock in low rates amid Bank of England's 5% interest rate and anticipated cuts.

Martin Lewis' Money Saving Expert (MSE) has urged UK mortgage holders to secure low rates now, as the Bank of England's interest rate remains at 5% and potential cuts are anticipated later this year. With a revised inflation forecast predicting a rise to 2.5% by the end of 2024, MSE recommends fixed rates, currently cheapest for five years. The next Monetary Policy Committee meeting is on November 7, 2023, which may influence future rates.