Bank of England raises interest rates AGAIN - how it could affect you and your mortgage
The Bank of England has announced it has raised interest rates yet again with the base rate now at 4 percent. The decision was revealed today after members of the Monetary Policy Committee met to decide what interest rates should be set at, an event which happens eight times a year.
READ MORE: The sought-after £70,000 house 'inundated' with viewings in hours that flew off the market Homeowners on this type of mortgage may notice their monthly payments going up, and you can use a mortgage calculator to find out how much of an increase this may be. However, for those on a fixed rate, the good news is you won't see any changes to your repayments until your fixed term comes to an end.
“For those considering taking out a fixed mortgage deal soon, the good news is that this increase was widely expected by the financial markets and will have likely been factored into their plans. This means that we may see fixed-rate mortgage deals continue to edge downwards in the first half of this year, as some stability and calm continues to return to the markets.
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