Mortgages: Bank of England raises interest rates to 1% — here’s what it means for you

Londoners will find it even harder to get a foot on the housing ladder after the Bank of England increased interest rates to the highest level in 13 years.

The Bank of England’s decision to hike interest by 0.25 per cent will trigger an immediate rise in housing costs with higher monthly payments for roughly one in four homeowning households with tracker, discount or variable rate mortgages.