The Bank of England Raises Interest Rates to 4%

Caz Blake-Symes • February 2, 2023

As of Thursday 2 February 2023, the Bank of England raises its base rate from 3.5% to 4% - the highest in 14 years.

It also says the UK is set to enter recession this year, but this will be shorter than previously thought. The Bank of England expects the economy to "fall slightly" in 2023 as energy costs and other prices continue to ease.

It also forecasts that the inflation rate will continue to slow this year and firms are likely to ho00ld off on making redundancies. A higher interest rate will be welcomed by savers, but have a knock-on effect for those with mortgages, credit card debt and bank loans.

The 4% rise means people with a typical tracker mortgage will pay about £49 more a month - while those on a variable mortgage will pay another £31 a month.

The advice from Bristol, Bath & Exeter Mortgages Online is for you to keep talking to us about the choice of products on the market. We have invested heavily in software to ensure that we always have the very latest information. We also have excellent relationships with many lenders who will always try and help us with any specific individual situations our clients may have.

As independent mortgage brokers we are certain that you will be very pleased with the mortgage options that we can provide.

For further details about the mortgage and protection products we offer as a fully independent mortgage broker or any other mortgage information book your FREE CONSULTATION with one of our expert Mortgage Advisers.


Bristol Mortgages Online          www.bristolmortgagesonline.com    Tel 0117 325 1511

Bath Mortgages Online             www.bathmortgagesonline.com         Tel 01225 584 888

Exeter Mortgages Online           www.exetermortgagesonline.com   Tel 01392 690 888

Email info@swmortgages.com

 

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