The country’s largest building society says it’ll increase rates by up to 0.3 percentage points on selected mortgage products. The decision comes into effect as of February 2nd.
It comes as the Bank of England seemingly poured cold water on hopes of spring interest rate cuts after holding its base rate at 5.25% today. The Bank’s governor Andrew Bailey noted that, based on amount of the interest rates that had been implied by the market, inflation would likely remain above the Bank’s 2% target all the way until 2027.