Bank of England increases base rate to 0.75%
The Bank of England Monetary Policy Committee has voted unanimously to increase the base rate by 0.25% to 0.75%.
The last base rate hike was November 2017 when the bank raised the margin from 0.25% to 0.5%.
Following today’s decision, many of the banks and building societies will increase the price of their cheapest mortgages.
Aaron Strutt, product director at Trinity Financial, says: "Lenders have been providing incredibly low rates for years and there will still be some super-cheap mortgages available moving forward.
"If you are coming to the end of your fixed deal or paying your lender's standard variable rate, it is a good time to swap deals.”
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