Millions of borrowers were dealt a “hammer blow” today after the Bank of England hiked interest rates to a 13-year high.
The Bank’s Monetary Policy voted to increase its base rate from 1% to 1.25% - marking the fifth monthly rise in a row - in a bid to bring down soaring inflation.
While three quarters of mortgage borrowers are on fixed rate deals, almost two million homeowners will be impacted because they are on variable rate and tracker deals.
