The Bank of England has raised the base rate to 4 per cent 🔎 Here's what the decision means for your money:
Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “Should the Bank raise rates, base-rate tracker mortgages will immediately adjust and variable rates are likely to follow.
Experts warn that some providers are better than others at passing on the good news, so it makes sense to shop around. The latest money and credit data from the Bank of England suggested consumers are trying to rein in their spending and reduce their reliance on credit cards, with the monthly rise in consumer credit easing from £1.5bn in November to £0.5bn in December.Alice Haine, personal finance analyst at Bestinvest, said: “The interest rate on your credit card or overdraft could go up, despite no direct link to a bank rate change, if your lender chooses to pass on the rise in borrowing costs.
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