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    Interest rates hold once more: a guide to mortgage types for first-time buyers, movers and over 55s

    by Ella Jessel May 09, 2024 5 minutes
    Source: Matt Writtle

    The UK base rate of interest is once again holding at 5.25 per cent, the Bank of England has announced today.

    The Bank’s Monetary Policy Committee has voted to hold the rate for the sixth time.

    Starting in August 2023, the hold followed 14 consecutive rate hikes since 2021 in response to high inflation. Rates are still at the highest level since February 2008.

    Surges in mortgage rates over the past few months have been partly due to the economic turmoil sparked by the ‘mini-Budget’ policies announced in September 2022 by then-Prime Minister Liz Truss and former Chancellor Kwasi Kwarteng.

    Londoners have been left footing the bill for £7,500 more a year on average for their mortgage payments.

    “As far as the housing market is concerned, we are

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