Base rate up to 5.5% |
The Bank of England has today voted to increase the base rate by a quarter of one per cent to 5.5%. This has brought the rate to its highest level since 2001. With inflation still higher than desired, the move was widely expected.
In terms of mortgages, if your interest rate follows the base rate, then you can expect an increase of around £16 for very £100,000 you have borrowed.