The current economic climate is a challenging one, with many people feeling the pinch of rising costs and stagnant wages. However, there are still good deals to be found if you know where to look. Moneyfacts, the UK’s leading financial information provider, has recently released its latest market report, which reveals that despite tough market conditions, there are still some good deals to be had.
The report shows that the cost of borrowing is still at historically low levels, with the average mortgage rate at its lowest since records began in the 1970s. This means that now is a great time to buy a home, as long as you can afford the deposit. Similarly, the cost of borrowing for personal loans and credit cards is also currently low, making it a good time to consolidate existing debts or make a major purchase.
The report also reveals that the savings market is still competitive, with some banks offering attractive rates of interest on their savings accounts. Although the returns may not be as high as they were a few years ago, there are still some good deals to be had if you shop around. It’s important to remember that the best deals are often reserved for those with larger deposits, so it pays to have some money saved up before you start looking.
Finally, Moneyfacts’ report highlights that the current economic climate is having an impact on the pensions market. Many pension providers are reducing their charges and offering better terms for customers, so it’s worth shopping around if you’re looking to invest in a pension.
Overall, Moneyfacts’ report shows that although the current economic climate is challenging, there are still some good deals to be had if you know where to look. Whether you’re looking for a mortgage, loan, credit card or savings account, it pays to shop around and compare deals before making a decision. And if you’re looking to invest in a pension, there are some attractive terms available if you know where to look.