MARTIN Lewis has explained what the historic Bank of England interest rate hike this week means for your mortgage. The BoE yesterday raised interest rates by 0.75 percentage points to 3% – th…
But despite this being the biggestThe Bank used the announcement as an opportunity to revise its predictions on how much interest rates will rise in future, and this may bring some relief on mortgage bills.
Lenders price mortgages based on what financial markets predict interest rates will be in the next few years, rather than what the current interest rate is. Barclays has confirmed to The Sun that new customers will pay more from today and existing homeowners from December 1.Those on a fixed rate are safe for now - but they may face a jump in borrowing costs when they come to remortgaging.
But if someone took out the same two-year fix now they'd expect to pay £1,683 a month - up £583 on last year.
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