Households will pay £1.67bn more in interest after rate rise

5th August 2022 Consumer Lending | #interest rates

With the Bank of England Monetary Policy Committee confirming its base rate will rise by 0.5% to 1.75%, research from international audit, tax and advisory firm Mazars shows UK households face an immediate increase in interest payments of £1.67bn. Analysis of Bank of England data by Mazars shows UK households are currently paying £24.1 billion annually in…

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Interest rate rise to 1.75% with warning of year-long recession- industry reaction

5th August 2022 Consumer Lending | #interest rates

The Bank of England (BOE) has raised interest rates by 0.5 percentage points to 1.75%, the biggest rate rise in 14 years. The increase is the biggest increase in 27 years, with a prediction that inflation would hit 13% by the end of the year. It was the sixth consecutive raise and the biggest single…

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Biggest interest rate hike in 27 years set to shock 2m mortgage customers

With the Bank of England (BoE) set to announce the biggest interest rate rise in 27 years this Thursday (4th August) new research by TotallyMoney and Moneycomms have analysed the potential shock the hike will have on 2 million variable-rate mortgage customers. The research found that the average UK property costing £270,708, with a 75%…

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Households will pay £858m more in interest after rate rise

Analysis of Bank of England data by Mazars shows UK households are currently paying £18.3 billion annually in interest payments on floating rate debt that are likely to be immediately impacted by an interest rate rise. Thi includes floating-rate mortgages, credit card debt and other unsecured personal lending. Consumers will be hit by further rises…

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Bank of England raises interest rate to 1% – Industry reaction

The Bank of England Monetary Policy Committee has raised rates to 1%, the highest in 13 years. The Bank also warned that the cost of living crisis could push the economy into recession this year. The Bank’s Monetary Policy Committee (MPC) voted to raise the base rate from 0.75% to 1%. Three of the nine-strong…

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Bank of England Interest rate rises to 0.75% – industry reaction

18th March 2022 Consumer Lending | #interest rates

The Bank of England (BoE) has raised interest rates from 0.5% to 0.75% as it looks to tackle soaring inflation, which has hit a three-decade high of 5.5% and is set to climb higher still. The rate increase,  the third in four months, takes rates to the highest level since March 2020. The Bank has…

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