Five million UK homes could be hit by expected interest rate hike
If, as expected, the Bank of England raises its interest rates next week, then UK home owners with variable rate mortgages could end up paying out an extra £990 million over a year.
With a meeting of the Bank’s Monetary Policy Committee scheduled for next Thursday, 2nd November, it seems likely that interest rates will rise for the first time in a decade from 0.25% to 0.5%.
Online mortgage broker Trussle expects most UK lenders to pass the full increase onto their customers within a month, resulting in an average monthly payment rise of £16.56 for those borrowers on a standard variable rate mortgage.
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