Homeowners across the UK have been dealt yet another blow after the Bank of England's announcement today (February 2). Earlier this afternoon the Bank revealed it was raising interest rates to 4 per cent, now the highest rate the UK has seen since the recession in 2008.
After a meeting which happens eight times a year, members of the Monetary Policy Committee voted at a majority of 7-2 to increase the base rate by 0.5 per cent, which is now the tenth consecutive rise seen in a row.
The decision was made in a bid to lower inflation to 2 per cent, but now millions of mortgage holders up and down the country are understandably concerned as this could have a direct impact on their mortgage repayments.
