Rate Rises
- 16 December 2021
- Posted by: Editor
- Category: news
Bank of England increased the base rate to 0.25%. This is the first significant increase we have seen from a record low rate of 0.10% rate to combat rising inflation. Bear in mind the base rate has not risen since August 2018 when it went up from 0.5% to 0.75% and remained at that level till March 2020 until it dropped to 0.25% then 0.10%.
Inflation is forecasted to remain around 5% during the course of the winter months before analysts predict it will rise to 6% by April 2022. With various variants of the ongoing virus affecting the economic outlook for the foreseeable future these measures have been taken to combat these effects.
Sources from Legal and General Mortgage Club predict an impact on mortgage rates however they believe that homeowners can expect to see modest increases.
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