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UK Interest Rates Forecasts and Predictions for Home and Property in the UK at 18 5 2007
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UK Interest Rate: 5.5% UK Interest Rates Forecast: Possibility of a further rise to 5.75% by August Interest Rates Rise To Highest Levels Since 2001 The Bank of England has raised their base interest rate to 5.5 per cent, in a widely-expected move aimed at bringing inflation under control. The move is bad news for many borrowers, who are now facing the highest interest rates since 2001. Borrowers with a typical £100,000 repayment mortgage are likely to face a hike of £16 a month in their payments – on top of the previous three rises seen in the last 10 months. The result is that many people are paying £50 - £100 per month more on their mortgage payments than they were at this time last year. Attention is now turning to the monthly inflation report for April, due to be published on Wednesday next week. The figures in this report should provide some strong clues as to the likelihood of any further rises in interest rates. Most experts believe that interest rates are likely to peak at 5.75 per cent. Millions Forced To Remortgage As Rates Rise A survey by price comparison site Moneysupermarket.com has revealed that as many as seven million people could be forced to refinance their homes if their monthly mortgage payments rise by £100. The survey also showed that 14 per cent of home owners – 2.6 million people – would have to consider remortgaging their homes if their mortgage payments went up by just £50 per month, highlighting just how stretched many homeowners' finances have become in the last year. |
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