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Rates Will Increase in August

The British Chambers of Commerce says in a recent report that the Bank of England will raise rates for the first time in four years in August in a desperate effort to tame rampant inflation. It will cause mortgage misery for many hard-pressed families already struggling to make ends meet.



The report says rates will go up to 0.75% in August, reach 1% by the end of the year and hit 2.75% by the end of 2012, adding hundreds of pounds to monthly mortgage bills.



The BCC’s chief economist, David Kern confirmed that the new forecast is based on the fact that interest rates will start increasing in August.

Homeowners aged over 55 years who are concerned about possible increase in bank rate and would like to know how much money the value of their property could release to increase their income, can find out by contacting therightequityrelease.co.uk for equity release advice.