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First interest rate rise in 10 years adds to UK mortgage burden

The recent rise in interest rates from 0.25% to 0.5% could add an extra £22 a month to average variable interest rate loans.

Not all banks have been clear about their plans yet and some may try to avoid or delay passing on the impact of the rate rise to savers. This would boost their profits but could results in a loss of customers.

Mark Carney, the Bank’s governor, seeks to reassure consumers and businesses that this is not the start of an upward trend. But, what does the increase mean for your mortgage, savings and other loans?

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