Anorak | Interest Rates On The Up And Up

Interest Rates On The Up And Up

by | 11th, May 2007

bank-of-england.jpg THOSE financial boffins at the Bank Of England just can’t stop fiddling with interest rates, can they? Yesterday’s quarter point increase to a six-year high 5.5 per cent is the fourth such hike since August and is yet another kick in the privates for the nation’s homeowners.

The increase, introduced to combat rising inflation, will add around £16 a month to a typical £100,000 mortgage bill, while homeowners with a £200,000 repayment mortgage have seen their repayments increase by over £1000 since last August.

Indeed, Adam Sampson of housing charity Shelter said that these latest rises could be “the final nail in the coffin for many borrowers hoping to

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Posted: 11th, May 2007 | In: Money Comment | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink