BASE RATE INCREASE: WHAT DOES IT MEAN FOR YOUR MORTGAGE AND SAVINGS? – WHICH?

The Bank of England has increased the base rate for the 12th time in a row, taking the figure to 4.5%.

Members of the Bank’s Monetary Policy Committee (MPC) voted for a 0.25 percentage point rise as they try to lower stubbornly high inflation.

The rise – which has taken the base rate to its highest level since October 2008 – is unwelcome news for mortgage holders who are facing heightened interest rates in the midst of a cost-of-living crisis.

Here, Which? takes a look at what yet another increase could mean for homeowners and savers.

Read more: https://bit.ly/3VVy16a

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