Today I wanted to talk about the base rate and your mortgage.
Its Thursday 4th August 2022 and today’s increase in the base rate marks the 6th increase in a row.
Base rates have been so low for so long they likely haven’t really been on many peoples radar; lots of people with mortgages don’t even know what it is or how it affects them.
But with interest rates now at their highest level since December 2008 after the biggest single rise since 1995 of 0.5% taking the base rate from 1.25% to 1.75% they’re suddenly a hot topic so here’s my overview.
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