HOT OFF THE PRESS : Bank of England hold the base rate at 0.25% with a warning that interest rates could rise sooner rather than later.

This week the Bank’s Monetary Policy Committee (MPC) voted to hold the base rate at 0.25% but warned an interest rate rise is set to happen sooner than households and experts expect.
The indication is that there is now a strong possibility that the Bank of England base rate could rise to 0.5% in November 2017.
An increase will have an impact on the cost of mortgages and borrowers, the question is should we be preparing now, more than ever, for a rise.
MPC members have warned that if the base rate doesn’t rise soon then borrowers may be hit by sharper hikes later down the line and that a gradual, necessary, increase is healthier.
With the cost of living hitting 2.9% and unemployment at a record low the November meeting, when the Bank presents the updated inflation report, is going to be a key time for the future of the mortgage market.