Interest rates look set to hit 13-year high today – thousands at risk of bills rising

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“Ultimately, the degree of monetary tightening over the rest of this year will depend on whether the MPC is convinced that a tight labour market and rising inflation expectations will lead to persistently higher inflation.”

Recent analysis from AJ Bell broke down how the likely interest rate increase will affect everyday homeowners.

If the base rate does rise to one percent, this will result in repayments on an average £250,000 mortgage going by £32 a month or £384 a year.

In the unlikely event, the base rate jumps to 1.25 percent, repayments would rise by £64 a month or £768 a year.



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