Though a rise was expected, it was unclear whether this would be to 4.75 per cent or 5 per cent.On a tracker mortgage? Your monthly payment will go up straight away.
The average tracker currently sits at 5.49 per cent, and so someone on this product will see their rate go to 5.99 per cent with a 0.5 percentage point increase. On a standard variable rate mortgage? Your monthly payment is likely to go up – though it’s not guaranteed.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pressure on Bank of England to hike interest rates to 5% despite expected dip in inflation📈 The Bank of England is under pressure to raise interest rates by as much 0.5% to 5 per cent this week in a fresh headache for Rishi Sunak as he faces a political backlash over the spike in mortgage costs
Source: i newspaper - 🏆 8. / 89 Read more »
Bank of England interest rate announcement this week - what could happenBank of England interest rate announcement this week - what could happen as inflation fails to fall
Source: MENnewsdesk - 🏆 23. / 69 Read more »
Tories turn on Bank of England over mortgage crisis as interest rates to be hiked againSenior Tories have turned on the Bank of England over the mortgage crisis as interest rates are due to be hiked again.
Source: LBC - 🏆 17. / 74 Read more »
Bank of England increase interest rates to 5%It comes after inflation failed to drop in May
Source: MENnewsdesk - 🏆 23. / 69 Read more »