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UK interest rates rise in biggest increase for 27 years - how it will affect you and your mortgage

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The Bank of England has today (August 4) announced a 0.5 per cent rise in interest rates in the UK, with the current rate now standing at 1.75 per cent - the biggest rise since 1995.

This is now the sixth consecutive rise voted by members of the Bank’s Monetary Policy Committee and the fifth rise this year, after a vote to increase rates from 1.25 per cent to 1.75 per cent.

The interest rate hike is yet another blow for households who are being crippled by rising bills in the cost of living crisis.

The 1.75 per cent rise is now expected to increase monthly repayments for millions of homeowners on variable rates mortgage deals and other forms of borrowing. READ MORE: Builder warns of one hidden sign you must look out for when buying a new home Mortgage Advice Bureau has Explained how the change in interest rate will affect you and your mortgage - and what homeowners should do to help manage their repayments.

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