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Good time to overpay debt as base rate remains low

By Joel Stanier - Financial specialist

5 June2009

Yesterday, the Bank of England announced that the base rate would remain at 0.5%, which is good news for many people with mortgages.

Homeowners with a tracker / SVR (Standard Variable Rate) mortgage could benefit the most, as their interest rates are likely to remain at a record low, freeing up money to save, spend or put towards their mortgage and other debts.

But people with new fixed-rate mortgages will also benefit from the low base rate, as so many of the deals on offer are cheaper today.

A debt expert for Think Money said: "The low base rate means that a lot of people have more money available per month. For many of them, this is an excellent opportunity to use that extra money to overpay their debts."

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