General · 21 hours ago
Bank of England's 4% rate rise adds £31 monthly to 500,000 tracker mortgages
Diliff via Wikimedia Commons (CC BY-SA 3.0)
About 500,000 homeowners on tracker mortgages, which follow the Bank of England's rate, will pay around £31 more a month, according to UK Finance, a banking trade body. Another 500,000 customers on standard variable rates face an uncertain future regarding whether their lender will implement the increase. Most people, 87%, are on fixed deals, so their payments stay the same until the deal ends.
Reported by BBC · How we write briefs