Interest rates are rising, but how does 2022 compare to the record high of 17% in 1979 - did the Boomers really have it that bad or are things worse now?
The Bank of England base rate has been going up since the start of 2022 and they are expected to announce further interest rate rises in the coming months.
UK interest rates in 2022 are still very low compared to historical interest rates, however, house prices are a lot higher so mortgage payments are still very expensive.
I often wonder what would happen if interest rates UK rose to 10% or higher, so I decided to make this video to compare the low interest rate rises of 2022 to the high interest rates of the 1970s and 1980s.
Did you have a mortgage in 1979 when the Bank of England raised the base rate in the UK to the record high of 17%? Let us know in the comments!
