The increase will cost anyone on a tracker mortgage an extra £300 a month on average
is widely expected to announce that its base rate will rise from 3 per cent to 3.5 per cent – the ninth time in a row it will have voted to hike rates.more than £300 a year to the pockets of anyone on a tracker mortgageAnnual inflation in the UK stood at 10.7 per cent in November, according to the Office for National Statistics.
The Government has repeatedly insisted that raising public-sector pay in line with inflation would risk adding to the price risesIn a drive to control inflation, the Bank of England has progressively raised interest rates from just above zero at the end of last year to their current level of 3 per cent.
If rates rise again on Thursday as expected, those on a tracker mortgage will see their monthly payments go up straight away. This means that anyone with an average mortgage loan of £117,588 will see their payments increase by £31 per month if on a 25-year repayment mortgage, or £49 per month if they have an interest-only loan.
Anyone on a fixed rate doesn’t need to be concerned as mortgage lenders have already priced in the increase.
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