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Evening Standard
Evening Standard
Business
Ella Jessel

Mortgages: Bank of England raises interest rates to 1.25% — here’s what it means for your mortgage

Bank of England Interest Rates TotallyMoney UK Finance

As interest rates rise, what does it mean for your mortgage? (Joe Giddens/PA)

(Picture: PA Archive)

Millions of homeowners will be facing higher mortgage costs and greater pressure on budgets after yet another hike in interest rates.

The Bank of England raised interest rates on Thursday by 0.25, taking them to 1.25 per cent – the fifth rise in a row since December 2021 from the rate setting Monetary Policy Committee (MPC).

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