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Daily Mirror
Daily Mirror
Business
Sam Barker

Use our mortgage calculator to work out much your payments will rise by after rate hike

Bank of England HSBC Moneyfacts

The Bank of England has announced its biggest interest rate hike in a generation today - and it could add between £1,100 and £3,000 a year to mortgage bills.

The Bank has increased its base rate by 0.75 percentage points - from 2.25% to 3% - to try to cool inflation.

That is the biggest rate increase since October 1989, 33 years ago.

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