Samren Reddy, a medical student at the University of Liverpool who got in touch with Your Voice, Your BBC News, is saving to buy a first home.
“I don’t think a small decrease will be a game changer. We’re saving for the initial upfront deposit,” the 21-year-old said.
“If I’m trying to save for a home, alongside my day-to-day living, even if I may be paying less on a loan and could get a cheaper mortgage, it’s swallowed up by the pressures of living.”
A fall in interest rates are also likely have an impact on the returns people like Samren receive on their savings.
Base rate cuts generally lead to reductions in the interest provided by savings providers, particularly on instant-access accounts.
Anna Bowes, savings expert at financial advice firm The Private Office, said it was “encouraging” that fixed savings rates were still competitive, with relatively high interest paid.
However, she said that required people being willing to lock their savings into an account and to leave them untouched for the term of the deal, generally between one and five years.