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What would negative interest rates mean for mortgages and savings?

What would negative interest rates mean for mortgages and savings?

Variable-rate mortgages may fall a little, and it seems unlikely banks will charge to hold savings

The governor of the Bank of England, Andrew Bailey, has paved the way for negative interest rates, saying officials are actively considering all options to prop up the economy.

The Bank’s base rate stands at 0.1%, the lowest level on record, so it would not take much to take it into negative territory. The UK would not be the first country to have a negative rate at its central bank – Japan and Sweden are among those that have done so.

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What would negative interest rates mean for mortgages and savings?
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