What the Bank of England's rise in interest rates could mean for your mortgage
manchestereveningnews.co.ukHomeowners are being hit with yet another price increase amid the cost of living crisis. The Bank of England has now raised interest rates to one per cent - the highest rate seen since 2009 during the recession.
Having gone up by another 0.25 per cent, this is now the fourth consecutive interest rate rise voted by members of the Bank’s Monetary Policy Committee, with a majority six votes to three to increase rates from 0.75% to 1%.
It is the first time the Bank has ever voted to raise rates four times in a row in the history of the MPC, going back to 1997.
And it seems that the rates are set to keep on rising, hitting an expected 2.5% by the middle of next year, reports the Mirror. READ MORE: Inside the new industrial-style apartments for sale in Manchester city centre's latest canalside development The interest rate hike is yet another blow for households who are paying off their mortgages.
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