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How interest rate hike will affect mortgages

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Interest rates are going up again - to 4.5% - the highest level they have been for 15 years.

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The Bank of England today said it was more optimistic about economic growth - it now believes there will be no recession this year.

But it also thinks inflation is going to stay higher for longer.

Rising rates mean that over a million people are about to see their mortgage payments shoot up as their fixed rate deals end this year.

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Category
Journals
Tags
inflation, interest rates, uk economy
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