UK interest rates expected to rise again
It has been under pressure to put rates up because it has a target to keep inflation at 2%, but prices are currently rising at more than five times that level.After a period of ultra-low rates, many homeowners are now facing the likelihood of much more expensive monthly repayments. The Bank of England says up to. An estimated 356,000 mortgage borrowers could face difficulties with repayments by July next year, according to City watchdog the Financial Conduct Authority.
An increase in the Bank rate from 4.25% to 4.5% would mean those on a typical tracker mortgage would pay about £24 more a month. Those on standard variable rate mortgages would face a £15 jump. Forecasts suggest that they could start to come down again as the year goes on, but there remains a significant degree of uncertainty about that.
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