The Bank of England has once again made the decision to raise interest rates, with the base rate now at 4.25 percent. The decision was made by the Monetary Policy Committee today (March 23) who voted by a majority of 7-2.
This is now the 11th consecutive time that the Bank has chosen to hike interest rates in the hopes of controlling inflation.
The last announcement in February this year saw the base rate rise to 4 percent, which has now gone up by another 0.25 percent.
The base rate of 4.25 percent is now the highest level the UK has seen since October 2008. The increased rate is likely to cause concern amongst homeowners, as experts have now warned that more than a million mortgage holders are likely to be affected. READ MORE: 'Immaculate' first-time buyer home in Greater Manchester on market for £189,000 The Bank's interest rates have a direct affect on those who own a property, and how much you are impacted depends on which type of mortgage you have.