The BoE recently carried out the biggest interest rate increase since 1989, with rates raised by 0.75 percent to 3 percent on November 3, in a bid to slow inflation. The base rate of 3.5 percent is now the highest rate that the UK has seen since the recession in 2008, as reported by MEN.
Martin said: "Bank of England base rate up 0.5% pts to 3.5% - Variable/tracker rate repayment mortgages will rise c.£25/mth per £100,000 of mortgage ." This means that anyone who has a variable or tracker rate mortgage, one that adjusts in line with interest rates, could be paying a minimum of an extra £25 a month, or £300 a year, for every £100,000 of their mortgage.
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