who knows? the higher rate should deliver a bit more cash into the accounts of savers, but will bring bigger bills for some homeowners and pressure to the rental market, and impact other loans, too. to get to work, we ve got cars and stuff to pay for, as well. and on top of that, there s gas bills, electric bills, and.it s just too hard. interest rates have been increased to 5%, which has pushed average two year fixed mortgage rates up to 6.15%. the bank of england say the increase is needed to help calm price rises on everything else, getting inflation down to their target rate of 2%. but it ll bring a huge shock for hundreds of thousands of households remortgaging in the next few months. if you re worried about being able to make your mortgage payments, then speak to your lender they may be able to reduce your payments or give you a mortgage holiday. there are pros and cons of all of these things, so do talk to an expert but you may be able to extend
the higher rate should deliver a bit more cash into the accounts of savers, but will bring bigger bills for some homeowners and pressure to the rental market, and impact other loans, too. to get to work, we ve got cars and stuff to pay for, as well. and on top of that, there s gas bills, electric bills, and.it s just too hard. interest rates have been increased to 5%, which has pushed average two year fixed mortgage rates up to 6.15%. the bank of england say the increase is needed to help calm price rises on everything else, getting inflation down to their target rate of 2%. but it ll bring a huge shock for hundreds of thousands of households remortgaging in the next few months. if you re worried about being able to make your mortgage payments, then speak to your lender they may be able to reduce your payments or give you a mortgage holiday. there are pros and cons of all of these things, so do talk to an expert but you may be able to extend the term of your mortgage, or even go on
our cost of living correspondent colletta smith reports. interest rates are on the up again, and the ripple effect is already being felt. i have actuallyjust bought a house last month, so, yeah, it affected us quite a lot. i ve had a house before at a lower rate, obviously, so it is. it s, like, doubled per month now. so, yeah, it s a lot of money. it s the unknown of what s going to happen if it s going to go up or if it s going to go down. and if we ve made the right decision to fix for five years, or should we have maybe fixed for three years in hope that it s going to go lower? who knows? the higher rate should deliver a bit more cash into the accounts of savers, but will bring bigger bills for some homeowners and pressure to the rental market, and impact other loans, too. to get to work, we ve got cars and stuff to pay for, as well. and on top of that, there s gas bills, electric bills, and.it s just too hard. interest rates have been increased to 5%, which has pushed average tw