The Bank of England (BoE) announced on Thursday its decision to hold interest rates at 3.75 per cent , following four cuts across 2025. Recent votes have been tight affairs, the nine committee members swinging 5-4 or 4-5 to cut or hold each time - but on 19 March there was a unanimous 9-0 vote, reflecting how the Iran war had put soaring energy costs and rising inflation back on the menu for Britain, and April’s vote was a similar story, 8-1 the eventual vote. There is an expectation that soaring oil prices will now lead to renewed inflation in the second half of 2026. Here’s a brief rundown of what the current interest rate might mean for you: What does the interest rate mean for mortgages? Broadly speaking, as increasing interest rates over the last few years have meant mortgage repayments going up, then the reverse also holds true: lower rates, lower repayments. However, there are several important things to note.…