Interest rates hold again: a guide to mortgage types for first-time buyers, movers and over 55s
The UK base rate of interest is still holding at 5.25 per cent, the Bank of England has announced, giving mortgage holders not on a fixed rate another reprieve.
The Bank’s Monetary Policy Committee has voted to hold the rate again at it's first meeting of 2024.
It has now been held at 5.25 per cent for four months, following 14 consecutive rate hikes since 2021 in response to high inflation. Rates are still at the highest level since February 2008.
Inflation rose to four per cent in December 2023, according to the Office for National Statistics, up from 3.9 per cent in November.
Surges in mortgage rates over the past few months have been partly due to the economic turmoil announced in September 2022 by then-Prime
