Mortgage repayments for those coming off long-term deals will rise by an average of £275 a month if the Bank of England raises the base rate to 4 per cent on Thursday
The Bank of England Monetary Policy Committee will meet on Thursday and is widely expected to raise rates by another 0.5 per cent to 4 per cent.
While the official Bank of England interest rate is 3.5 per cent, the average fixed-term rate is around 4.75 per cent for a two- or three-year deal. A further rise in interest rates could lead to a slowdown in house sales and further falls in prices According to The Money Charity, the average level of household credit card debt has risen 7.22 per cent in 2022 to around £2,252.
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