It’s finally happened: the Bank of England raised interest rates from 0.5% to 0.75%…

In November 2017 the Bank of England increased interest rates for the first time in 10 years from 0.25% to 0.5%.

Now, nine months later, they’ve risen again to the highest rates since 2009.

Those landlords on fixed mortgages will not be affected until the end of their fixed-term. Those on a variable mortgage will see monthly payments will go up. The average homeowner on a variable rate with £200,000 left to pay on their mortgage will see repayments increase by £300 over a year.

There are more than three million people in the UK on variable mortgage rates who could see an immediate, direct financial impact from the rate rise.

This is also likely lead to increases in rent, and the condition of property as landlords seek to recover lost income. It is also likely to encourage landlords in the future as the return from their investment  property is reduced.

The impact on the housing market remains to be seen. A likely outcome is however for many more households, unable already to get a foot on the property ladder, to be faced with unaffordable rents.

Now may be a good time to review your mortgage and see if you can get a better deal.

To protect yourself from future rate rises, look into locking in rates with fixed rate mortgage.

You can see what other deals are available online, or talk to a financial adviser.