What rise in interest rates mean for first-time buyers - and your mortgage payments

There are dire warnings for people in the UK looking to buy their first home

THE UK is set to fall into its longest recession since the financial crisis and inflation will peak at more than 13% as gas prices soar, the Bank of England has warned.

Decision makers hiked the Bank’s base interest rate to 1.75% from 1.25%, the biggest single rise since 1995, as they tried to control the runaway inflation.