 increased interest rates by 0.75% to 3% at the beginning of this month to fight inflation – the biggest jump since 1989. Chancellor Jeremy Hunt has blamed former PM Liz Truss and her disastrous economic policies for the crisis. There are 1.6 million households with an average £146,000 mortgage, who now face a £73 per month rise in repayments on tracker deals and £46 on variables. The two million on fixed rates will pay £3,000 a year more after deals expire. BoE governor Andrew Bailey said the base rate should peak at 4.5% in 2023 – lower than the 6% feared amid the widespread panic following September's disastrous mini-Budget. Get in touch with our news team by emailing us at webnews@metro.co.uk. For more stories like this, check){kind=link}
NEWS… BUT NOT AS YOU KNOW IT
A pensioner who wanted his own home to ‘spend his last days in’ has become the UK’s oldest first-time buyer.
Simon Jones is in party mode after collecting the keys to his £147,000 bungalow in Flintshire, north Wales.
He said: ‘I’m so excited to finally have a place of my own, I want to spend the remaining years I have in my own home.
‘It’s been a long time coming but it’s certainly worth the wait.’