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Interest Rates Hit 5.5%

GraphToday, the Bank of England officially increased interest rates to 5.5% as predicted. Although this is the first rise since February, it has taken the cost of borrowing higher than it has been since 2001. If you are a saver then I’m sure this will be good news for you however, homeowners are likely to face higher bills and higher mortgage interest repayments.

For the average household with a 100,000 mortgage there will be an average increase of £16 extra on repayments, could this be the beginning of a crash?

Read more information at The Guardian.

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