The Bank of England has increased the base interested rate today by 0.75%. What it means and why they did it? How it will affect the market and my personal situation?
Obviously these news is nothing good but they were expected. Now we will have to wait for the banks and other lenders to adjust their mortgage rates to the current base interest rate. And even though the bank of England members said the current fixed rate mortgages are not going to increase, I find it hard to believe and expect them to go up to 6-7% in the next days.
The inflation is another problem which the Bank of England is trying to fight. But whether you get hit by inflation or the increased mortgage payments, it is hard to find players who will not struggle.
The question that is very important to answer at the moment is how to decrease the negative affect of todays decision on your personal finance and family budget.
