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Martin Lewis predicts Base Rate rises – rates of interest ‘might be up one other 1%’ | Personal Finance | Finance

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The MPC voted by a majority of six to a few to extend the bottom rate by 0.25 percentage points, however the members within the minority weren’t advocating that rates needs to be held and as an alternative preferred a 0.5 percentage points rise to 1.25 percent.

The Bank also increased its forecast for UK inflation, which it now believes will average 10 percent in the ultimate three months of the 12 months as autumn turns to winter and better energy bills bite.

Mr Lewis then went onto discuss what this implies for those with mortgages coming to an end who may not know whether or not they should fix for longer.

He explained that six months ago people could get mortgage deals below one percent, nevertheless now, the most cost effective fixes are actually double that at 2.1 percent so the associated fee of getting a mortgage goes up.

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