Bank of England base rate rises to 3%

by Aaron Strutt

Nov 03 2022

One member preferred to increase Bank Rate by 0.5 percentage points, to 2.75%, and another preferred to increase Bank Rate by 0.25 percentage points to 2.5%.

In November's Monetary Policy Report, the MPC's updated projections for activity and inflation describe a very challenging outlook for the UK economy.

Aaron Strutt, product director at Trinity Financial, says: "More mortgage lenders are offering fixed and tracker rates again so there are more options for borrowers.

"The cost of mortgages has increased significantly in recent weeks, but five-year fixes are looking better value for money. Even with this 0.75% rise, the tracker rates are still lower than many of the fixed rates.

Andrew Bailey says the Bank of England needs to act

The Governor of the Bank of England Andrew Bailey has been speaking after interest rates increased and he acknowledged that eight rate rises since last December were a lot.

The BBC quoted him as saying these are "big changes and they have a real impact on peoples' lives". He added: "If we do not act forcefully now, it would be worse later on."

Call Trinity Finacial on 020 7016 0790 to speak to a mortgage expert or book a consultation