Interest Rate Rise To Cause ‘Some Pain’
The rise in UK interest rates is predicted to cause “some pain” for homeowners as mortgage interest payments rise.
The Bank of England, who raised the rates a week ago, insist the fallout will be “moderate”, and that interest payments on debt are still at a record low.
The Bank raised rates from 0.25% to 0.5%, the first hike in 10 years.
Almost four million households will see their mortgages increase by about £15, according to Nationwide.
Bank officials are insisting things aren’t all bleak, and Virgin Money chief executive Jayne-Anne Gadhia encourages people not to worry. Gadhia insists the rise will not affect credit card rates, but hopes this will encourage customers to be more thoughtful about what they’re spending and their own financial position.
The Bank of England predicts that rates are likely to rise twice more over the next three years, but Deputy Governor Ben Broadbent insists this is not a promise.
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