Millions of people in the UK can expect to be £624 worse off, on average, as the direct result of interest rates reaching a fourteen-year high.
The Bank of England has confirmed interest rates will rise again, from 3.5% to 4%. This means the average mortgage holder will see their payments go up by £52 a month, or £624 a year, if they're not on a fixed deal, according to TotallyMoney.
About 6.3m UK mortgages however, three-quarters of the total, are fixed-rate loans, the Guardian reports.
