Even more pressure is set to be piled onto homeowners this week after the news that inflation in the UK has remained at a 'historically high level'. Despite experts predicting a decline, it has been announced today (June 21) that inflation stayed stuck at 8.7 percent in May - the same rate it was at in April.
According to the Office for National Statistics, inflation is currently at the highest rate since March 1992. The unchanged rate now means that the Bank of England may be more inclined to raise interest rates even higher after their committee meeting on Thursday (June 22).
Off the back of the inflation announcement, experts are now predicting that the BoE could increase interest rates between 0.25 and 0.5 percent tomorrow, bringing the base rate up to as high as 5 percent, which is set to be more bad news for millions of mortgage holders.
