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Rise in BoE Base Rate – Good or Bad for Borrowers?

Higher RatesThe six-year holiday is officially over. Earlier this year, Mark Carney, BoE Governor, forewarned banks that the base rate would rise. He said before the end of the year, but many predicted sooner rather than later. That sooner is imminent, as the cheap mortgage looks set to disappear from the High Street.

Already, Barclays and Santander plan to up their interest rates on any new mortgages. Other lenders will follow suit. But the form that the ‘domino effect’ on mortgage interest rate increases will take may differ.

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