Interest Rates Raised Again

The Bank of England has voted to hike interest rates by 0.5 percentage points to 2.25% - the seventh rise since last December. How will this impact mortgage holders?

For the 2.2 million people on a variable rate mortgage, the rise is very bad news, leaving many having to pay hundreds of pounds extra a year.

If you have a fixed-rate mortgage, you won’t see any immediate change to your monthly repayments. However, when your current deal ends, you’ll likely end up paying more on a new deal.

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As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments

Sources:
Guardian