"Mark Carney caused quite a stir last week when he suggested that the first interest rate hike since 2007 could come βat around the turn of this year".
Today on the morning news they said that Santander have decided to raise their rates by 0.25% on Monday morning.
The analyst was saying that if the rate rose by 1% then on a Β£100,000 mortgage that would be a monthly increase of Β£50. Not insignificant.
If this is the start of a steady rise then I am pleased I took the decision to overpay on my mortgage.
Although as Interest rates rise I guess eventually savers will see some benefit.