Market-watchers are expecting an increase as early as next month. Here’s how it would hit mortgages, savings and debtThe era of rock-bottom interest rates could soon be at an end. Expectations are growing that the Bank of England could raise rates as early as next month to tackle rising inflation – a move that could affect mortgage repayments, savings rates and how much of their debts people will be able to pay off.Interest rates are at a historic low of 0.1% but commentators expect an 0.15% increase in the coming weeks and two additional 0.25% rises next year, bringing borrowing rates back to the 0.75% level seen before the pandemic. Last week, analysts at Goldman Sachs predicted that the Bank would raise rates in November, February and May. Continue reading…
Source : theguardian.com
Read more…Interest rates may be rising soon. Will your finances stand the strain?
