Interest rates have been increased by 0.15% to 0.25% meaning borrowers on variable mortgages may soon see the cost of their repayments rise.
The Bank of England (BoE) announced this morning it was increasing its Base Rate from the low of 0.1% which it set at the beginning of the pandemic to help with the economic recovery from Covid.
There had been speculation the BoE’s Monetary Policy Committee (MPC) would raise the rate slightly to help counter the effects of rising inflation, which yesterday hit 5.1%.
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