Scots face mortgage payment hikes as interest rates rise again
dailyrecord.co.ukScots are facing mortgage payment hikes after the Bank of England raised interest rates on Thursday.The Bank's Monetary Policy Committee (MPC) decided to hike the base rate from 3.5 per cent to 4 per cent to help bring down inflation.
This is the tenth time in a row that the Bank of England has hiked interest rates. It is also the highest that they have been since 2008.
It comes only days after the IMF announced that the UK was the only major economy predicted to shrink in 2023. Those on standard rate variable mortgages and tracker mortgages are likely to see their monthly payments go up.
Monthly repayments will stay the same for those on fixed-rate mortgages, but will probably increase after re-mortgaging.Landlords may also increase rent if their mortgage payments have risen.The Scottish Greens have said that the interest rate increase will be "a devastating blow" to families across Scotland.The party's economy spokesperson Maggie Chapman MSP said: “This will be yet another devastating blow to households and families who have already been hammered by years of Tory ineptitude and failures.“Despite the cost crisis and pain that many are already feeling, this is the 10th time in a row that rates have increased.
Read more on dailyrecord.co.uk
