A warning has been issued to homeowners as mortgage rates could spike again today.
The Bank of England is expected to unveil the biggest interest rate rise since the 1980s on Thursday as it tries to control surging inflation rates. A meeting will be held by the nine members of the Monetary Policy Committee, who will make a decision that could push up the amount that millions of mortgage holders have to pay their banks every month.
Mortgages are decided against the interest rate and analysts expect the Bank will push up the interest rate from 2.25% to 3%, which would be the biggest single increase since 1989. Less than a year ago the rate was 0.1% - and this would be the eighth time in a row the Bank hiked interest rates.
