interest rate rise

Interest rates hit 5% – consumer credit industry reaction

23rd June 2023 Consumer Lending | #interest rate rise

The Bank of England has hiked interest rates by 0.5 percentage points to 5%. Rates have now hit the highest level in 15 years it’s the 13th time that the Bank of England has increased bank rates, with its Monetary Policy Committee (MPC) voting by a majority of seven to two to raise rates by…

Read more

Interest rate rises to 4% – business industry reaction

3rd February 2023 Commercial Credit Management | #interest rate rise

The Bank of England (BoE) has upped the base rate by 50 basis points to 4%, marking the tenth consecutive increase. This hike, the tenth time Threadneedle Street has done this in a row. The 0.5% increase is the second consecutive rise of that magnitude, but still less than the 0.75% rise recorded in early…

Read more

Bank of England predicted to raise interest rates again

31st January 2023 Consumer Lending | #interest rate rise

With the Bank of England predicted to raise interest rates by 0.5 percentage points to 4% this Thursday, Credit app TotallyMoney has commissioned Moneycomms to calculate the impact of the expected interest rate hike on mortgage borrowers. The research found that For the average UK property costing £270,708 with a 75% LTV, a 0.5 percentage…

Read more

Interest rates rise to 3.5% – credit industry reaction

16th December 2022 Arrears and Recoveries | #interest rate rise

The Bank of England’s Monetary Policy Committee has voted to increase interest rates to 3.5 percent, a rise of 0.5 percentage points. The latest rate increase marks the ninth hike this year and the highest level since the financial crisis 14 years ago. Around three quarters of mortgage customers are on a fixed rate mortgage…

Read more