Mortgage costs risk surging to a more than 30-year high - as a top Bank of England official warned millions of borrowers to brace themselves for a “significant” rate hike.
Huw Pill, the Bank’s chief economist, also admitted: “We don’t know what the future holds. Not for the next few weeks, not for the next few days – or even perhaps not for the next few hours.”
His comments came as big mortgage lenders Santander, HSBC, along with the Nationwide and Yorkshire building societies joined a rush of lenders to pull home loans or up their rates.
