The Bank’s Monetary Policy Committee (MPC) voted by a 5-4 majority to maintain the base rate at 5.25 per cent. Four members preferred to increase it by 0.25 percentage points to 5.5 per cent Read More Here
Experts predict an end to Bank of England base rate hikes Read More Here
The Bank’s Monetary Policy Committee (MPC) voted by a 6-3 majority to raise interest rates by 0.25 percentage points from 5 per cent to 5.25 per cent. Two members preferred to increase base rate by 0.5 percentage points, to 5.5 per cent, and one member preferred to maintain it at 5 per cent.
It was last at 5.25 per cent in February 2008, but is forecast to peak to just over 6 per cent before averaging just under 5.5 per cent over the next three years.
UK Prime Minister Rishi Sunak has urged homeowners and borrowers to "hold their nerve"
The UK Prime Minister has urged homeowners and borrowers to "hold their nerve" over rising interest rates aimed at bringing down stubborn inflation.
Rishi Sunak told Sunday with Laura Kuenssberg: "I want people to be reassured that we've got to hold our nerve, stick to the plan and we will get through this."
This week the Bank of England raised interest rates to a 15-year high of 5.25%.
Millions of people are facing higher mortgage repayments following the rise.
"I can tell you as prime minister, the Bank of England is doing the right thing," Mr Sunak told the BBC. "The Bank of England has my total support. Inflation is the enemy." Read More Here
Banks and building societies will offer more flexibility to struggling mortgage-holders as rates soar
The move comes after bank bosses met the chancellor, Jeremy Hunt, in Downing Street on Friday.
Borrowers will be able to make a temporary change to their mortgage terms, then will be able to return to their original deal within six months. Read More Here
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When we review where our NEW business comes from, it is often from personal recommendations and referrals from our existing or previous clients.
Your experience working with Sussex Mortgage Services means so much and is very important to us.
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