Bank of England Hold on Rates Won't Stop Rising Mortgage Costs

A prominent mortgage expert says it's likely that the Bank of England will hold the base interest rate in July, but borrowers face rising fixed-rate costs regardless.

David Hollingworth, associate director at L&C Mortgages, comments: 'Market forecasts increasingly point towards the Bank of England holding the base rate once again in July.'

The average 2-year remortgage fixed rate has increased by over 20 basis points from 4.53% to 4.75%, while the 5-year rate has risen even more, from 4.58% to 4.83%

Hollingworth notes that fixed rates have been rising since the beginning of July and that borrowers can't afford to rest on their laurels.