Mortgages will become more expensive as the Bank of England interest rate rises.
If you are on a variable rate mortgage deal increase in line with the Bank of England’s changes. So if you have a £100,000 mortgage, your repayments are likely to increase by about £12 a month.
If you are on a fixed deal, you won’t be affected by higher interest rates until your deal expires. When it comes to looking for a new deal, you may find rates much higher than when you last fixed.
If you are about to buy a home or re-mortgage.