Bank of England Governor Andrew Bailey’s warning
Bank of England Governor Andrew Bailey warns against expecting a decrease in the current 5.25% base interest rate.
Approximately 55% of UK mortgages have experienced rate hikes since December 2021, affecting homeowners, with another 5 million mortgages anticipated to be repriced by 2026.
Forecasts indicate rising mortgage arrears
Forecasts indicate rising mortgage arrears and average mortgage rates have increased. Homeowners with fixed mortgage deals ending next year are advised to prepare for higher costs.
Additionally, the Bank of England’s potential rate cut in 2024 may impact mortgage rates.
UK Homeowners Brace for Mortgage Rate Increases – Watch on YouTube
Chancellor Jeremy Hunt will deliver the 2024 spring Budget on 6 March
Chancellor Jeremy Hunt will deliver the 2024 spring Budget on 6 March, the Treasury has said.
It will include the government’s tax and spending plans as well as new growth and borrowing forecasts.
It could be the last chance for the government to announce significant changes to tax policy before the general election.
Reports suggest there may be further tax cuts as the Conservatives try to close a major deficit in the polls.