Yesterday, the Bank of England announced that interest rates were to remain at 5.75% and were not to be increased as was previously suspected. The last increase was in July of this year, the fifth time it had been upped in a year.
Good news for borrowers and those with a mortgage as it means repayments will remain unchanged. there was always the worry that any raise in rates would affect hundreds of borrowers and may mean they would struggle to make monthly payments. Having been let off the hook for now, this may only be a temporary sigh of relief - we shall have to wait and see if it will be upped to 6% in the coming months.
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