A HIKE to interest rates expected to be announced today could push up mortgage costs by hundreds of pounds a year for millions of homeowners. The Bank of England (BoE) is set to increase the base r…
and last month the BoE said it expected that to hit 10% this year, piling more pressure on hard up households.
A rate hike can also push up the cost of loans, credit cards and other types of borrowing, but savers could see a better return - if banks choose to pass on the higher rate.If the BoE raises the base rate, it could impact your finances.Many homeowners would pay more on theirIf you're on a fixed-rate mortgage, the increase won't immediately affect your payments.
Tracker mortgages are linked to the Bank of England base rate - which means you will see an immediate impact on your mortgage repayments if rates go up.
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