MILLIONS of homeowners will face higher mortgage repayments after the Bank of England hiked interest rates again. The central bank’s base rate has increased from 4.25% to 4.5%. The rate is us…
Rising interest rates are meant to encourage households to save rather than spend, which forces inflation down.
This means that the country will now avoid a recession that was previously forecast in November 2022. The 1.4 million households on a tracker or variable rate mortgage will see an increase in their costs. MoneyFacts data shows that the average SVR has leapt over 7% and this means that someone coming off the average two-year fix from 2021 will see their rate rise from 2.58% to 7.3%.
She said: "If you fix now, you're likely to see rates fall in the coming months, but you can't be certain when they'll fall, or how far."You might want to fix for two years on the basis that you'll pay more for it now, but rates could be lower when you come to re-mortgage.
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