Mortgage rates rise

THE Bank of England raised interest rates to 0.75 per cent last week because of rising inflation and financial uncertainty caused by the war in Ukraine.

Homeowners on variable rate mortgages are expected to see their monthly repayments rise as a result.

Simon Gammon, managing partner at Knight Frank Finance, said: “The Bank of England’s third consecutive rate hike ensures that we’ll continue to see lenders withdraw and reprice products on a daily basis.

“Mortgage rates that borrowers see today are noticeably higher than six months ago and in six months we would expect to see a similar increase.”