Today the Bank of England raised interest rates by a quarter per cent to 5 per cent, its highest level since August 2001. The rise will have an immediate effect on all borrowers, meaning bigger mortgage repayments for millions of people.

Reaching a fifty-year low of 3.5% in July 2003, the base rate has risen to 5% due to the following rate changes:

Jul 2003 - Cut to 3.50%
Nov 2003 - Hiked to 3.75%
Feb 2004 - Hiked to 4.00%
May 2004 - Hiked to 4.25%
Jun 2004 - Hiked to 4.50%
Aug 2004 - Hiked to 4.75%
Aug 2005 - Cut to 4.50%
Aug 2006 - Hiked to 4.75%
Nov 2006 - Hiked to 5.00%

Mortgage bills will go up by £32 per a month to £1,413 on an average £200,000 repayment loan, however there are still some quite interesting fixed rates available see www.Mortgage-Shop.co.uk