Mortgage-holders coming to the end of their fixed-rate deals and those on a variable rate were braced for more bad news today as the Bank of England was poised to unveil its biggest interest rate rise for decades.
Members of the bank’s Monetary Policy Committee were set to vote to push the Bank’s base rate of interest up from 2.25 per cent up to 3 per cent. It is the eighth time the bank has hiked rates – less than a year ago the base rate was 0.1 per cent.
If you’re being offered a more expensive deal and you want to know how much more you’ll have to pay, take a look at our mortgage calculator below.
Broadly speaking, if the base rate is
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