Letchworth homeowners will be among those affected by the latest rise in the Bank of England interest rates. The first increase in 10 years; they have just been raised from 0.25 percent to 0.5 per cent. This uplift comes as inflation hits a 51-month high of 2.9 per cent whilst the national unemployment rate is at an all-time low of 4.3 per cent. Interestingly, the Governor of the Bank of England has indicated that the interest rate is likely to increase again over the next couple of years, but Mr Carney said mortgages and savings would not be affected in the short term. However, look at all the big banks and just about all of them have increased their standard variable mortgage rate.. The average Letchworth mortgage is £122,482 I have to ask by how much Letchworth homeowners (on variable rate or tracker mortgages) will see their repayments increase? In the SG6 postcode there are 4,133 homeowners with a
read more Increase in Interest Rates to cost Letchworth Home Owners £306.20 a year