How the interest rate increase will affect mortgages

More than 2m households face increased mortgage payments after the latest Bank of England interest rate rise. The Bank rate has been increased from 1% to 1.25% as officials look to tackle rising inflation and borrowers who have variable mortgage rates will see their monthly repayments go up. Analysis by industry body UK Finance shows that those on standard variable rates will see an average annual increase of £191, while for tracker deals the figure is £303. The increase affects a quarter of mortgage borrowers, which translates to about 2.25m households. 

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