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'My mortgage is going up £200': How rising interest rates are hitting people's pockets

Image: BBC Business

On Thursday, the Bank of England increased interest rates for the first time in over three years as it tries to get a grip on rising inflation linked to the Iran war.

Experts say there could be more hikes over the next 18 months, as the conflict continues to push up food, fuel and energy prices across the UK and worldwide.

Higher interest rates affect borrowing costs, however, which means mortgages, credit cards and personal loans could get more expensive for millions, even as savings rates improve.

For some, it could mean extra financial pressure at a time when they are already struggling with the cost of living.

Continue reading at BBC Business

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