NOT very interested in interest rates? Well now you should be.Yesterday’s rate rise by the Bank of England saw rates edge up from an all-time low of 0.25 per cent to 0.5 per cent.While it’s only a small increase, it’s the first one in a decade and may well mean more hikes are on the way.And for borrowers comfortably used to historic low rates, any upwards movement could squeeze already-stretched household budgets.But the good news is, if you’ll be a loser in the rate change it is possible to claw back the cash.Here’s how — and also how some of you will be winners from the rise.MORTGAGE: 9.2million households have a mortgage. Around half on a standard variable rate or tracker rate, which will be hit by the rise. The average household owes £89,000 on their mortgage, so you’ll need to find £11 extra each month.How to make it back: Switching gas and electricity to a cheaper deal will save £16 a month on average.RENT: The average cost of renting in the UK is already £1,196 a month and landlords say the rate rise could see rents also start to increase. But if you’re already renting, your payments will be… Read full this story
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