{"id":622101,"date":"2023-02-02T14:01:10","date_gmt":"2023-02-02T14:01:10","guid":{"rendered":"https:\/\/omni48.com\/?p=622101"},"modified":"2023-02-12T14:03:52","modified_gmt":"2023-02-12T14:03:52","slug":"what-does-the-bank-of-england-interest-rate-rise-mean-for-you","status":"publish","type":"post","link":"https:\/\/omni48.com\/news\/what-does-the-bank-of-england-interest-rate-rise-mean-for-you","title":{"rendered":"What does the Bank of England interest rate rise mean for you?"},"content":{"rendered":"<p>UK currency Photograph: Dominic Lipinski\/PA The Bank of England has raised interest rates, for a 10th consecutive time by 0.5 percentage points to 4% . What does this mean for your finances? How will it affect mortgage payments? Thursday&#8217;s move is yet more bad news for the approximately 2.2 million people on a variable rate mortgage, who are also grappling with higher fuel and energy bills. Many now face paying hundreds of pounds extra a year. About half of those 2.2 million are either on a base rate tracker or discounted-rate deal. The other half are paying their lender&#8217;s standard variable rate (SVR). A tracker directly follows the base rate, so your payments will almost certainly soon reflect the full rise. On a tracker now at 4.5%, the interest rate would rise to 5%, adding &#163;41 a month to a &#163;150,000 repayment mortgage with 20 years remaining. The monthly payment on such a mortgage would rise from &#163;949 to &#163;990.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>From mortgages to credit cards, we break down the impact the 4% rise could have on your finances<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1,47],"tags":[],"class_list":["post-622101","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate"],"acf":[],"_links":{"self":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts\/622101","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/comments?post=622101"}],"version-history":[{"count":0,"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts\/622101\/revisions"}],"wp:attachment":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/media?parent=622101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/categories?post=622101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/tags?post=622101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}