The Bank of England has increased interest rates from 4.5% to 5% - the highest level since April 2008.          

Seven out of nine of the Bank’s Monetary Policy Committee members voted in favour of the increase, with two voting against.

The rise, which is the 13^th consecutive increase, is intended to lower inflation, with the government targeting to have the rate of inflation down at 5% by the end of the year. Inflation remained stuck at 8.7% in May 2023, with economists having previously predicted a slight dip. 

Most consumers with a mortgage will be affected by the 0.5% rise in interest rates in one way or another. How much more you will need to pay will depend on the type of mortgage that you have, among a number of other factors.

If you are worried about the impact that the rise will have on your mortgage deal or your personal financial situation then please do get in touch to speak to one of our expert adviser team to discuss your options moving forward.