Record Interest Rate Increase of 0.5 Percentage Points to 1.75%

CITY OF LONDON LOOKING TO THREADNEEDLE STREET AND BANK OF ENGLAND

The Bank of England's Monetary Policy Committee (MPC) met today Thursday 4th August 2022, and set a 27 year high increase of the B.o.E. base interest rate of 0.5 percentage points to 1.75%.


This measure was done with a view to tackling rising inflation, expected to reach 13% by early 2023. Inflationary pressure is largely blamed on the War in Ukraine and the cost of rising commodity prices on the global markets. 


What does this mean for Trusted Xperts customers? Well in essence Mortgage Rates are rising fast with most providers removing their previous low cost deals. People on variable mortgages will see an increase in the repayments they make each month.


Trusted Xperts indicated in 2020, that was the time to consider taking out a new mortgage with historic low rates. Since then there has been a gradual increase and that has now culminated in a record increase - the largest in over a quarter of a century.


We are in unprecendented times. Inflation is soaring, and we can no doubt expect to see further interest rate increases from the MPC in the coming months, as they grapple with a worsening economic picture for the UK.  Now still may prove to be the best time to secure a new mortgage - before the interest rate rises once again.


Andrew Bailey - the Governor of the Bank of England has warned British families face the longest recession since the financial crisis of 2008, and soaring prices.


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