The Bank of England has increased interest rates from 0.5% to 0.75%. This is the highest UK interest rates since rates were cut from 1% to 0.5% in March 2009.
This increase will be good news for savers, but less good news for borrowers. In particular this will be bad news for anyone with a mortgage which has a variable interest rate. The effect of interest rate increases will depend on each individual lender’s terms and conditions.
Farrell Financial Planning are independent financial advisers (IFAs) based in Glasgow and do not give advice on inflation or future interest rate movements. However, we do offer independent mortgage advice.
All information is correct as at 02/08/18.