It's the highest level for 14 years.
MONEY TROUBLES: The Bank of England has increased interest rates again.
The decision by the Bank’s Monetary Policy Committee takes rates to the highest level since 2008. To further reign in the struggling economy, economists predict that the base rate will keep rising beyond 2022, and could reach as high as 4.25% in the second half of 2023. SVR moves in line with the base rate, so when it rises, your payments rise, and when it falls, your bills fall, too. For the average UK property costing £270,708 with a 75% LTV mortgage, a 0.75% hike means a monthly mortgage repayment increase of £78.If you’re on a fixed-rate mortgage, the rate rise won’t affect your monthly bill until your current deal expires. This means you're safe for now.
Credit card rates are variable, but not typically linked to the base rate, so won’t automatically go up. But if you apply for a new loan starting today, you'll probably have to deal with a higher quoted interest rate.
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