Thousands of homeowners with tracker mortgages will see their mortgage payments increase by an average of £50 per month following the Bank of England’s decision to raise its base rate again.
Thousands of homeowners with tracker mortgages will see their mortgage payments increase by an average of £50 per month following the Bank of England’s decision to raise its base rate again.
Following today’s decision by the Bank to increase its base rate to 3.5 per cent, UK Finance estimates that the average tracker mortgage repayment will increase by £50 per month. The latest base rate increase from the Bank of England is the ninth consecutive rise since December last year, with the rate now at its highest level for 14 years as the Bank attempts to curb rising inflation.
The average five-year fixed rate deal was 5.8 per cent in December, compared with 6.3 per cent in November, she said. However, people with a fixed rate mortgage will still see a huge hike in their monthly payments if they are coming to the end of a fixed-rate deal in the coming months, as deals are far more expensive than they have been in recent years when the base rate sat at 0.1 per cent.found the average person with a fixed rate loan due to expire at the end of 2023 is facing an increase in their average monthly repayments of around £250 because they will have to refinance on to a higher rate.
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