Money expert Martin Lewis has warned homeowners after the Bank of England's latest announcement. The Bank of England announced on Thursday, December 15 they would increase interest rates by 0.5 per cent to 3.5 per cent - the ninth consecutive rise in 2022.
The BoE recently carried out the biggest interest rate increase since 1989, with rates raised by 0.75 percent to 3 percent on November 3, in a bid to slow inflation. The base rate of 3.5 percent is now the highest rate that the UK has seen since the recession in 2008, as reported by MEN.
The Monetary Policy Committee voted by a majority of 6-3 to increase the Bank rate to 3.5%, once again aiming to soften inflation. However, this measure will have a negative impact on many homeowners with mortgages.
