Today news
About the same in other media
What the interest rate rise means for your mortgage, debt and savings
Reading now: 433
The Bank of England has increased interest rates to 0.25% from the historical low of 0.1% in an attempt to tackle rising inflation in the UK, but what does that mean for the public?
Only if you have a variable rate mortgage – typically a tracker that follows the base rate, or a loan on a lender’s standard variable rate. A tracker mortgage will directly follow the base rate – the small print of your mortgage will tell you how quickly the rise will be passed on, but next month your payments are likely to increase and the extra cost will fully reflect the base rate rise. On a tracker currently costing 2.1% the interest rate will rise to 2.25%.
On a standard variable rate it is less straightforward – these can change at the lender’s discretion.
Read more on theguardian.comAbout this in other media
Poles protest across the country to defend media freedom euronews.com /2 years ago
Peter Macnab: Superdrug boss leading the high street fightback theguardian.com /2 years ago
Northern Ireland: what are EU and UK proposing and will deal be done? theguardian.com /2 years ago
Show more
The website finance-news.co. is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
