On Thursday, the Bank of England raised the base rate of interest by another 0.5% taking it up to 4%. This is the tenth rise in a row and leaves the base rate at its highest level since the 2008 financial crisis.
Tim Leonard, Personal Finance Expert at NerdWallet, explains what this rise might mean for homeowners and mortgage rates.
He said: “The biggest immediate impact will be on the monthly payments of those with a variable rate mortgage.
