In less than a year, interest rate hikes have gone from an expected 1.5% to an anticipated peak of 4.75%. It's a big shift in a short space of time, but what does it actually mean for households across Wales?
For one broker in south Wales, he's been "flat out with people panicking" since the Bank of England announced rates were going up. Ian Rogers, owner of C A Mortgage Services Ltd in Blackwood, said people would have to cut their cloth accordingly in the face of rising interest rates which are expected to reach 4.75% by the end of the year. However, some analysts believe they could rise further to the 6% mark, with massive implications on mortgage affordability for thousands of households across the UK.
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