Mortgage Rates Soar as Bank of England Prepares to Raise Base Rate

Mortgage rates have increased on both fixed and variable deals, according to data from Moneyfacts.

This will impact first-time buyers and existing borrowers who need to remortgage.

Rates on buy-to-let mortgages are rising faster than those on residential loans.

The Bank of England's Monetary Policy Committee is expected to increase the base rate by another quarter point to 4.75% later this month, which could further squeeze homeowners and potentially lead to mortgage arrears and a decline in house prices.

Some experts are calling for the Bank of England to reconsider its decisions to avoid harm to the UK economy.