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29th Jun, 2022

Monthly mortgage payments on rise as interest rates reach 13-year high

Rob George 16th Jun, 2022

HOMEOWNERS face another monthly cost increase after the Bank of England increased interest rates from 1 per cent to 1.25 per cent, its fifth consecutive rise.

Rates are now at their highest for 13 years as the bank seeks to stem the pace of soaring prices in the current cost of living crisis.

Inflation – the rate at which prices rise – is currently at a 40-year high of nine per cent and the bank warned it could surpass 11 per cent later this year.

How much will my mortgage payments increase?

Homeowners with a typical tracker mortgage will have to pay about £25 more a month. Those on standard variable rate mortgages will see a £16 increase.

However, about three-quarters of mortgage-holders have a fixed rate deal, so will not be immediately affected.

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