Many have been left worried about what the future holds for mortgages after yet another rise in interest rates. On Thursday the Bank of England raised its base rate by half a percentage point to 5% – its highest for 15 years and the 13th consecutive increase.
The bank has been hiking rates in a bid to tackle high inflation and the cost of living crisis. CPI inflation was 8.7% in May and is far higher than the government's target figure of 2% and many are struggling to afford their energy bills and basic costs.
The latest increase has also plunged mortgages into further uncertainty with experts now warning some people in Wales could see their monthly repayments increased by hundreds of pounds if their cheaper deals are coming to an end. The grim predictions are leading to offers regularly disappearing from the market causing more stress for homeowners and would-be buyers. You can read what experts said here.
