Rates have gone up again, for the 14th time in a row. The Bank Of England has put up its main rate from 5 to 5. 25 . That will mean higher mortgages for some people, but its also good news for savers. The Bank Of England is using Interest Rate rises to fight inflation, which has slowed recently, but which is still nearly 8 . Our economics correspondent andy verity reports the father of two, peter, keeping up the payments for his familys mortgages looking like anything but childs play. They bought their home under the governments help to buy scheme, but since then Interest Rates have risen 1a times. When his fixed rate deal expires early next year, the payments willjump. Somehow we are supposed to spend less and find an extra £750 per month to pay for that. For many families it is a terrifying situation, but if you have a young family like ourselves, who have been swayed into the Housing Market by government who has advertised help to buy as an affordable scheme, right, when things bec
first time buyers are essentially saying they will take a mortgage rather than spend the rent and lose the money, and parents help with the deposit. the the money, and parents help with the de osit. ., , the money, and parents help with the de osit. . , ., , deposit. the idea behind raising interest rates deposit. the idea behind raising interest rates is deposit. the idea behind raising interest rates is that deposit. the idea behind raising interest rates is that if - deposit. the idea behind raising interest rates is that if you - deposit. the idea behind raising| interest rates is that if you make it more expensive to borrow, then people will tend to spend a little bit less, and that will reduce the upward pressure on prices. but it is not even in effects. the people hit hardest at those who borrowed the most, who tend to be young people, those who stretched to buy a home, and those who benefit most are net savers, those who have got more saving than borrowing, who tend be ol
benefits support people for their rented costs but they give little support to those who are homeowners. the government will now give benefits to support to those who are first time buyers but not to those who are currently on benefits and who are currently on benefits and who are currently on benefits and who are homeowners and that will be very problematic in terms of practicalities. it depends on whether the government takes a generous interpretation or not. the oint i ut generous interpretation or not. the point i put to kevin, and in a slightly different way, you can t claim universal credit if you have more than £16,000 in savings so how will people be able to afford a deposit? will people be able to afford a de osit? , will people be able to afford a deosit? , . ., deposit? very challenging. the avera . e deposit? very challenging. the average first-time deposit? very challenging. the average first-time buyer - deposit? very challenging. the | average first-time buyer deposit
we are delighted to have you with us. thank you. what will it mean for you if the easing of restrictions is delayed? you if the easing of restrictions is dela ed? ., ., , ., delayed? for me, it means a further cancellation delayed? for me, it means a further cancellation of delayed? for me, it means a further cancellation of shows. delayed? for me, it means a further cancellation of shows. unfortunately it will be the fourth round of shows we have had to cancel on the theatre side. it will be very disappointing for us if it is a four week delay today. if for us if it is a four-week delay toda . , ., . for us if it is a four-week delay toda . ,, ., ., for us if it is a four-week delay toda. ., ., . for us if it is a four-week delay toda. ., . today. if you have to cancel those shows, today. if you have to cancel those shows. what today. if you have to cancel those shows, what has today. if you have to cancel those shows, what has been today. if you have to cancel those shows