First-time home buyers and those shopping for mortgages or re-mortgaging are going to be hardest hit by the interest rate rise. The cost of borrowing for anyone not on a fixed mortgage deal will go up. And there’s a warning from the Bank of England: We’re heading for a recession.
As interest rates jump to 1% – their highest levels since 2009 – it’s predicted the soaring costs of living will see inflation rise above 10%, causing the worst squeeze in household finances for decades.
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