Bank of England (BOE) have today increased their interest rate by 0.75% taking the Base Rate to 3.00% in an attempt to control rising inflation with factors including the ongoing cost-of-living crisis, Putin’s war in Ukraine, Liz Truss’ catastrophic ‘mini-Budget’ and later resignation have all contributed to the rise.
Lenders are withdrawing products to re-price and release new products that reflect the increase, if your mortgage is on Standard Variable Rate (SVR) or your current deal is coming to an end it’s not too late to reserve a product before the increase takes effect.