​The Bank of England Monetary Policy Committee has today voted to increase interest rates by 0.25 percent – the first rate rise since 2007.
"This first rate rise in more than a decade could be a turning point for many households. Future interest rate rises are likely to be slow and gradual – but even small increases in costs could cause significant problems for many households.
"High levels of household debt, a renewed squeeze on wages and now the prospect of higher interest rates threaten to be a dangerous mix for many households. Calls to National Debtline are already up 10 percent this year, and we expect demand for debt advice to increase significantly in a higher interest rate environment.
This could be the first of a number of rate rises, and so if you are mortgage payer and are on a variable or tracker rate, now could be a good time to switch to a fixed deal. Everyone's circumstances are different and it may be that you want to seek professional advice.