Bank of England locks in interest rates as new homeowners pay extra £3,480 a year
The Bank of England decided today (May 9) to keep the base rate of interest at a 16-year high of 5.25 per cent, in order to bring inflation down to the government target of 2%. But for first-time buyers and new homeowners, this has effectively locked in an extra £290 per month on top of mortgage payments.


