Bank of England follow Fed and ECB with twelfth successive interest rate rise by 0.25% to 4.5%.
Mortgage rates are of much higher than the base rate with some borrowers seeing their payments double after their fixed-rate deals have expired.
Average inflation recently jumped back over 10%, but mortgage costs, rent, food and energy costs have risen by far more.
The Banks’ governor Andrew Bailey expects inflation to start going down this year as wholesale energy costs filter through to consumers.
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See also:
Interest Rates Will Rise, Property Prices Will Fall And Opportunities Will Open Up
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