These are difficult times for prospective homebuyers and people who will need to remortgage soon. Photograph: Neil Hall/EPA
The first increase in more than three years is set to leave millions facing higher mortgage costs.
The Bank of England has raised interest rates by 0.25 percentage points, bringing the base rate to 4%. It marks the first rise in more than three years and is likely to result in a sharp increase in mortgage payments for many households.
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