Interest rates - latest updates: Bank of England hikes interest rate to 5% to heap more misery on borrowers | economy latest

Got a question on mortgages, rents or the cost of living?You can use the form above to ask about mortgages, rents, inflation or any cost of living issue you're having.The Bank of England has raised interest rates for the 13th time in a row.

"Second-round effects in domestic price and wage developments generated by external cost shocks are likely to take longer to unwind than they did to emerge," it added. Ian King speaks to Sanjay Raja, Chief UK Economist for Deutsche Bank Research about interest rates; Allan Wilen, Economic Director at Glenigan about the construction industry. Meanwhile, Matt Gudinski, Chief Executive of Mushroom Group talks about 50 years of working in the music industry.

"Only option may be to sell our house and downsize but houses aren't selling presently due to [the] mortgage crisis, so we will be stuck between a rock and a hard place. Many are moving to long term mortgages - but is it worth it? According to Zoopla, 38% of all mortgage applicants are now opting for 30-35 year mortgage terms and 67% of all mortgages currently on the market allow up to 40-year terms.

Zoopla found that if you were to borrow £250,000 with a 25% deposit, here's what you'd pay in interest over 35 years compared with 25 years...Here's the same chart but comparing 25 years with 40 years - when the additional cost is £80,000.While there has been lots of talk of a"mortgage crunch", the number of people who overstretched themselves when they took out their loans is relatively small, one expert says.

Ms Davies says that while there may be some borrowers who took out loans before 2014 who are now struggling with their repayments,"they should be in the minority".

Shadow Chancellor Rachel Reeves says that she wants to everything in her power to help those who needed it most during the current cost of living crisis. 'I'm not going to give a running commentary on the Bank's decisions' 📺 Sky 501 and YouTube

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