Bank of England hikes interest rates to 5.25 per cent - what this means for your mortgage
Interest rates have now reached yet another record-high following the Bank of England's Monetary Policy Committee meeting today . After a majority vote of 6-3, the base rate has now been raised to 5.25 per cent - up from 5 per cent in June - which is now the highest level seen since March 2008.
TotallyMoney has broken down the potential rises mortgage holders could face following the latest interest rate increase, with the average UK homeowner on a variable rate needing to fork out an additional £32 per month, with repayments up by £593 in total since November 2021. "There are an estimated 2 million homeowners on variable rate deals, such as Base Rate trackers or even their lender’s SVR , who will see an almost immediate rise in their monthly repayments following the latest Base Rate rise.
"For example, to demonstrate the range between lender’s SVRs: Newcastle Building society's SVR is only 5.94% whereas Virgin Money's SVR is 8.74%. "The past few weeks have seen the rising mortgage payments and high-interest rates make front page news, with these increases pressuring the finances of millions of borrowers in Britain, triggering a surge of uncertainty about where interest rates will go next," they said.
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