Mortgage warning issued as UK set to be hit with inflation rise in 2022


    “With competition between lenders still very high, there are record-low deals of under one percent to be had for two-year fixes, and even some five-year fixes, but we don’t know how long these low rates will last.”

    Despite being twice the Government’s target, the bank’s Monetary Policy Committee (MPC) said this latest increase would be “transitory” and would return to two percent in the “medium term”.

    The MPC meets eight times a year to discuss the UK’s inflation rate in order to agree on what the base rate will be.

    In a statement, the committee addressed the various factors impacting the wider UK economy during the country’s state of recovery following the pandemic.

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