On 2nd February 2023 the Bank of England (BOE) raised the base rate from 3.5% to 4%, its highest level in 14 years.

The Monetary Policy Committee (MPC) raised interest rates in an attempt to reduce the UK's annual inflation rate, which now sits at 10.5%, well above the target rate of 2%.

The market is pricing in further interest rate hikes in 2023, but only predicting that the Bank of England base rate will rise as high as 4.4% by July 2023. That could mean that the interest rate on the best 2 year fixed rate mortgage could climb as high as 5.4%.

The Bank of England will next meet on 23rd March 2023 to decide what level interest rates should be set at. Below I explain what you should be doing now before going on to explain what will ultimately determine when interest rates will go up.

In this video, I give my latest predictions on whether the Bank of England base rate is likely to increase in the coming months and if so, by how much.

Use our Mortgage Repayment Calculator to quickly calculate the impact of an interest rate rise on your mortgage payments
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