How high could interest rates go?
the government's English Housing SurveyAfter a period of ultra-low rates, many homeowners are now facing the possibility of much more expensive monthly repayments.
This comes on top of increases following the previous recent rate rises. Compared with pre-December 2021, average tracker mortgage customers would be paying about £284 more a month, and variable mortgage holders about £179 more.Their monthly payments may not change immediately, but with lenders now anticipating higher rates, any new deals will be more expensive. That means new house buyers - or anyone seeking to remortgage - will also have to pay more.
Expect a high noon of sorts for interest rates, as the nine members of the committee who decide Bank of England base rates reveal how much rates will go up - having a direct impact on many mortgages and business loans.
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