Bank of England set to raise interest rates
The Bank of England is expected to raise interest rates for the 10th time in a row later, but analysts predict it is nearing the peak.
The peak is lower than predictions had suggested when the government was in turmoil after its mini-budget was badly received.It is under pressure to put rates up because it has a target to keep inflation at 2%, butthe government's English Housing SurveyAfter a period of ultra-low rates, many homeowners are now facing the likelihood of much more expensive monthly repayments. The Bank of England says up toWhen interest rates rise, about 1.
This would come on top of increases following the previous recent rate rises. Compared with pre-December 2021, average tracker mortgage customers would be paying about £382 more a month, and variable mortgage holders about £240 more.
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