NEWS… BUT NOT AS YOU KNOW IT
Homeowners could see their annual mortgage repayments go up by hundreds of pounds after the Bank of England unveiled the biggest interest rate rise in more than 30 years.
The Bank’s nine-strong Monetary Policy Committee decided to hike the base interest rate from 2.25% to 3%, the highest since 2008.
The 0.75 percentage point jump is the biggest single increase since 1989.
Mortgages are decided against this rate. Borrowers with a £200,000 standard variable mortgage could see their repayments rise by more than £1,000 a year.