What Bank of England base rate increase means for you
The Bank of England has increased the base rate from 4.25% to 4.5% - taking it to its highest level since 2008.
The rate is used by the central bank to charge other banks and lenders when they borrow money – and so it influences what borrowers pay and what savers earn.
It's the twelfth time in over a year the Central Bank has increased rates after it first lifted them to 0.25% from 0.1% in December 2021.
If you have a mortgage or want one, you'll need to know what the change means for you!
Here's what Broadland Consultants have to say about it:
The Bank of England (BoE) has increased the base rate by 25 basis points to 4.5%.
Seven members of the bank’s Monetary Policy Committee (MPC) voted for the 0.25% increase, while two members preferred to maintain bank rate at 4.25%.
The base rate has increased as widely predicted by a further 0.25% - UK mortgage lenders had already largely priced in the rate rise, so mortgage pricing remains at similar levels’
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