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What the interest rate rise means for your mortgage, debt and savings
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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.
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