UK economy - latest updates: More misery for borrowers as Bank of England hikes interest rate to 5% in shock move

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.But don't worry if you missed the opportunity to submit your question - a panel of experts will be answering your queries live on Sky News againat 4pm.

"With property being such an emotional purchase, it's important to shop around and ideally use a mortgage broker to ensure you get the best rate possibleHow high could the mortgage rate increase this year? He says there should be no reason for interest rates to rise,"barring any other unforeseen inflationary shocks".I have 12 months left on my fixed rate mortgage, what should I do?Personal finance expert Gemma Godfrey said:"It is a little known fact that you can lock in a mortgage deal six months in advance, so give yourself options.

"People on a fixed rate, of course they are more protected from interest rates but when that fixed rate ends, you go onto a variable rate.Renters could also see this increase passed on to them. "The long-term prognosis is that interest rates should come down once they have successfully fought inflation," says Gemma. Why is inflation so high at the moment?

.jagjit_chadha says that the bank hasn't been clear if they have done enough forecasting on the current economic situation, meaning that the markets are unpredictable 📺 Sky 501 and YouTube

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