You could be paying more.
Mr Lewis was appearing on Good Morning Britain on Wednesday when he was asked if there was hope the situation could improve for those with a mortgage.“The current UK interest rate is 1.75%, that is likely to be going up to about 2.25% or 2.5%. It will add around £40 per month per £100,000 outstanding on your mortgage.The decision to hike interest rates is a bid to keep inflation under control. It is the best tool that the Bank of England has to steer inflation – currently at 9.
But the decisions will also have major impacts on people’s finances, not least those with mortgages who will need to start paying more for their home loans.
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