Fifth Increase In Mortgage Rate Anounced
The Bank Of England has anounced a fifth increase in the mortgage rate yesterday.
This will result in mortgage payers paying around £15 more for a £100,00 mortgage.
This is the fifth increase in the mortgage rate in the space of a year. This was announced yesterday by the Governor of the Bank Of England who sets the rate rather than Gordon Brown…or his successor Alistair Darling.
The mortgage rate was raised by 0.25% to 5.75% in an attempt to halt rising inflation.
The fifth increase in the mortgage rate could result in hardship for some borrowers who have seen utility prices, general shopping prices and tax raised in recent months.