Homeowners have been issued a warning
Homeowners have been warned as interest rates soar after Bank of England increased its base rate from 2.25 per cent to three per cent, the highest for 14 years.
As the Daily Record explained, those on fixed-rate mortgage holders are cushioned from the immediate impact of the base rate rise. However, there are still concerns that people will have to remortgage their home onto a much higher rate when they leave their current deal. This comes as the Bank said on Thursday, November 3 that some households could see their interest payments increase by around £3,000 a year if they do take out a loan that is 3.5 percentage points higher.
Sign up to Glasgow Live's newsletter Get all the latest Glasgow news and headlines sent straight to your inbox twice a day by signing up to our free newsletter.The morning newsletter arrives every day before 9am and the evening newsletter, manually curated by the team, is sent between 4pm and 5pm, giving you a round up of the most important stories we've covered that day.
Mortgage repayment calculator Our mortgage repayment calculator, can help homeowners find out how much the monthly bill will be following the interest rate rise.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bank of England due to announce biggest interest rate rise since the 1980sThe Bank of England is expected to unveil the biggest interest rate rise since the 1980s on Thursday as it tries to control runaway inflation which is battering British households.
Read more »
Bank of England hikes interest rates to highest for 14 yearsThe Bank warned that the UK could be on course for two years of uninterrupted recession.
Read more »
Bank of England expects UK to fall into longest ever recessionThe Bank of England raises interest rate to 3% from 2.25% as it warns UK faces a 'challenging' two-year slump.
Read more »
Bank of England: Five things we now know about the UK economyThe Bank of England's outlook for the UK is grim, but some things might not be as bad as first expected.
Read more »
Martin Lewis explains what Bank of England rate rise means for youMARTIN Lewis has explained what the historic Bank of England interest rate hike this week means for your mortgage. The BoE yesterday raised interest rates by 0.75 percentage points to 3% – th…
Read more »
Bank of England announces biggest interest rate rise in more than 30 yearsBREAKING: The Bank of England has unveiled the biggest interest rate rise in more than 30 years, which could see Homeowner's annual mortgage repayments go up by hundreds of pounds.
Read more »