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Every month, the Bank of England announces changes to the Bank Rate, the magic number banks and finance companies base their lending and saving rates on.
The assumption used to be that a rate cut made mortgages cheaper and reduced the amount savers earned, and the opposite if rates went up.
However, life's not that simple.
The complication is whether property investors take out a new loan or have existing mortgages.
At the end of last year, UK Finance, the trade body for mortgage lenders, counted 1.948 million buy-to-let mortgages outstanding, with 1.43 million tied into a fixed rate and 518,000 on a variable rate.
When the Bank Rate changes, lenders typically follow suit and change their rates for borrowers and savers. Still, only around one in four property investors with buy-to-let loans see an immediate change to their monthly repayments.
The average interest rate for new buy-to-let loans was 5.09 per cent in the final quarter of last year. This was 0.13 per cent lower than in the previous quarter, and 0.61 per cent lower than a year earlier.
Yields are an often unforeseen consequence of interest rate changes. Yield is what a landlord makes from rent compared with how much was paid for the property. UK Finance says the average rental yield for England is 6.83 per cent and 7.81 per cent in Wales.
Lower interest rates improve yields for landlords with variable-rate loans as their profits increase.
So, do property people benefit from interest rate cuts? Not really. Changing interest rates are unlikely to bother property investors unless they are expanding a portfolio or remortgaging.
The Bank of England sets the Bank Rate, the rate at which interest is paid to other institutions depositing money with the Bank of England.
Yield is another term for calculating the return on an investment. Yield expresses the income earned compared to the price paid for the asset as a percentage.
Yield is calculated as a gross or net amount. Gross yield measures rental income against the property's value before deducting any expenses. Net yield is what is left after expenses.
Work out gross yield by:
Working out the net yield uses the same figures, but annual costs, such as mortgage interest, insurance and repairs, are subtracted from the rent.
Any yield over 6 per cent is considered a good yield. However, yields are lower where properties are more expensive, so a yield in London, where homes cost the most, is likely much lower than in the North East, where properties are cheaper.