📈 UK homeowners on tracker mortgages can expect to pay spend roughly £4,500 more on their repayments this year compared to 2021 if the Bank of England raises it base rate as expected on Thursday
on their repayments this year compared to 2021 if the Bank of England raises its base rate as expected on Thursday.to 4 per cent on Thursday, marking the tenth consecutive time the Bank has increased it since December 2021.
This means the average tracker mortgage will have increased by £382.16 per month since the base rate started rising from a historic low of 0.1 per cent in December 2021. Meanwhile, the roughly 895,000 households on SVR mortgages, the rate you revert to when your fixed term ends, will see their payments increase by an average of £30.81 per month if the Bank of England raises its rate to 4 per cent on Thursday.
“More and more wannabe buyers simply can’t make the numbers work because of high mortgage rates and runaway inflation which continues to outpace growth in wages. The spectre of higher mortgage rates would pile more misery on mortgage holders and wannabe homeowners alike. Younger borrowers, in particular, are more exposed to increases in mortgage rates as they are likely to stretch their budgets to get onto the property ladder.
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