Tuesday, April 12, 2011

'UK Mortgages to Soar and Interest Rates to Quadruple in a Year’

Interest rates are set to quadruple within a year, adding more than £100 a month to a typical mortgage, a senior Bank of England adviser has warned.

Families should brace themselves for a rate rise as officials try to get to grips with soaring inflation, said Andrew Sentance, of the Bank’s Monetary Policy Committee.

Mr Sentance added that the ‘balance of opinion’ on the MPC, which sets interest rates, was shifting in favour of an increase – the first since March 2009.'


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