The Bank of England has bumped up the interest rates for the fourth time in just a matter of months. The announcement comes in the midst of an increasingly challenging financial climate of soaring inflation and the general cost of living.
For mortgage holders, house hunters and savers, this recent hike in interest rates will come as a “bitter blow” as its going to dampen the prospects of first-time buyers, while existing homeowners will feel further pressure on their already stretched monthly budgets.
Amanda Aumonier, Head of Mortgage Operations at online mortgage broker Trussle, said for many homeowners, this increase “will be the straw that breaks the camel’s back”.
