Mortgage bills could rise by £50 a month for some homeowners after interest rates were hiked to a 14-year-high
Interest rates have been hiked for the tenth time in a row.Millions of Brits are facing a hike in their mortgage payments after the Bank of England's decision to raise interest rates to 4%, with some households facing a rise of nearly £50 per month.
"Anyone who is concerned about their finances should contact their lender as soon as possible to discuss the options available to help." "For those on the lowest incomes with the least financial resilience, housing arrears, among other types of debt, are a real risk this year. Speaking on LBC's Tonight with Andrew Marr, Mr Lewis said interest rates have typically been higher over the last two centuries compared with the last 15 years, which may have been the anomaly.
"It's quite possible that these last 15,16-odd years - that was the anomaly. This isn't the anomaly, that is the anomaly." The UK is also still due to enter a recession this year, but it will be shorter than previously thought, the bank said.
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