Mortgage payments to rise by £1,000 after Bank of England’s interest rate hike

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Andrew Hagger, personal finance expert from Moneycomms.co.uk, spoke exclusively to Express.co.uk about how long savers can expect to see these rate hikes continue.

Mr Hagger said: “With the government having to pull out all the stops to bring inflation under control, it’s likely that base rate and mortgage rates will continue to edge upwards during the remainder of 2022.

“The Bank of England will be mindful of the impact of higher home loan costs on household budgets, but tackling inflation appears to be the overriding priority at the moment.”

However, there are options available for homeowners who want to see if they can reduce their mortgage payments through more traditional ways.



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