The BBC announced yesterday that the Bank of England has increased the interest rates from 0.1% to 0.25%. This has been the first time interest rates have increased in the past three. Some homeowners will be affected by their mortgage monthly payments increasing. “The decision by the Bank of England will add just over £15 to the typical monthly repayment for a tracker mortgage customer” (this will not be the same for everyone, so please check with your mortgage broker if you need clarity). For homeowners on a ‘standard variable rate mortgage-holder’ they could be looking to pay an extra £10 a month. The Bank of England took the decision to raise the rate as the cost of living rose by 5.1% in the year to November and the rate rise was necessary to try and curb inflation.
The full BBC article can be read by clicking here -
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