Another Interest Rate Rise
As widely predicted, the Bank of England has just announced another rise in interest rates today to 5.75%, the fifth rate rise since last August. The increase had been widely expected with inflation still above the government's target rate of 2%.
The latest rise will add £16 a month to an average £100,000 repayment mortgage.
Charities have expressed concern that higher mortgage costs will leave many borrowers facing difficulties. "We're seeing more and more people coming in for help with mortgage arrears," said Sue Edwards from Citizens Advice.
"People are really stretching themselves to the limit to buy a house and take on a mortgage, so a small increase in interest rates could just tip them over the edge," she told the BBC.
If this latest interest rate rise could mean financial difficulty for you and your family, then give us a call - we could help, particularly if you are facing mortgage arrears.
0 Comments:
Post a Comment
Links to this post:
Create a Link