Bank of England hikes rates again to 3.5% – what it means for your money
is meant to encourage people to save, rather than spend, which in theory should help bring rampant inflation under control.Inflation is a measure of how the price of goods and services has changed over the past year.
The average two-year fixed deal is 5.84% and the average five-year deal sits at 5.67%, according to Moneyfacts.Other mortgages, such as a tracker or standard variable rate mortgage, could be impacted straight away. Around 2.2million households are on SVRs and the 0.5 percentage point hike today will add £62 a month to mortgage bills - or £744 a year.But the exact amount depends on your borrowing and your loan-to-value.
People with fixed-rate mortgage deals due to expire at the end of 2023 face £250 a month bill hikes when they are forced to refinance on to a higher rate. After consecutive rate rises by the BoE interest rates on credit cards and personal loans have already hit a record high,Many big banks - like Lloyds Bank, MBNA, Halifax and Barclaycard - link their credit card rates directly to the Bank of England base rate.
Certain loans you already have like a personal loan or car financing will usually stay the same, as you've already agreed on the rate.
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