Interest rates: Borrowing costs set to rise as Bank sets new rate
Carl Wagstaff is on a variable rate mortgage so his monthly repayments are about to go up again with the Bank of England’s interest rate rise.The 57-year-old service engineer from Friskney in Lincolnshire says: “Our mortgage repayments were about £800 a month going back six months ago.”We’ve had a letter through saying next month ‘s is going to around £900 a month, not including this latest interest rate increase .”It’s scary. Food prices are going up, everything is going up. I’m on a decent wage as a service engineer for LEV systems , but it’s hard. And everywhere I go I see people struggling.”
Mr Wagstaff says he has cancelled Sky subscriptions and cut down on takeaways .
“We go shopping in Aldi and Lidl now instead of Tesco, and we’re just looking for bargains. We’re looking in the discounted aisles. My wife would go shopping every week and it used to be £50 a week, now it’s more like £100 and with not much more in our basket.”We’re lucky this year that we have already paid for our holiday as it’s one that was rescheduled due to lockdown . But to be honest, I’m going to struggle getting some spending money for that too.”
“We’ve had a letter through saying next month’s is going to around £900 a month, not including this latest interest rate increase.
“It’s scary. Mr Wagstaff says he has cancelled Sky subscriptions and cut down on takeaways.
My wife would go shopping every week and it used to be £50 a week, now it’s more like £100 and with not much more in our basket.
“We’re lucky this year that we have already paid for our holiday as it’s one that was rescheduled due to lockdown.
