Bad news for mortgage and rent costs after Bank of England decision

The Bank of England has decided to hold interest rates at their highest level in 16 years for yet another month, with anyone renewing their mortgage this year likely to see a big jump in their monthly payments. But it is not just mortgage holders who will be affected by the continued high interest rates.

“The reality is that despite recent decreases in inflation, we have yet to hit the Bank’s 2 per cent target. We are seeing signs that the economic landscape is warming, so we must ensure that we have the stability and resilience necessary for future growth. Charles Roe, director of mortgages at UK Finance, said: “The number of mortgages in arrears, while still low, continues to rise as households remain under pressure from the cost of living and higher interest rates.

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