London homeowners face £600 annual mortgage rise as Bank of England hikes interest rate

Evening Standard · Michael Howie · 2026-11-05 13:15 UTC

Bank of England increases interest rates from 3.75% to 4% - the first rise in more than three years

The Bank of England has increased interest rates to 4%, leaving hundreds of thousands of homeowners in London facing an immediate hike in mortgage bills.

The Bank’s Monetary Policy Committee (MPC) announced on Thursday that rates are going up by 0.25 percentage points - the first rise in more than three years.

The increase adds about £50 to monthly payments on a £350,000 tracker mortgage, or an extra £600 over the course of a year.

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