Watch out: interest rates will rise at the end of February

If you’re planning to remortgage, do it now – a little-known change could push up rates

There’s going to be an interest rate rise on 28 February. In just a few weeks you are going to see about 0.25% added to mortgage and savings rates. But you won’t see a press release from the Bank of England that the base rate has gone up. Instead, for the first time in years, banks are going to be scrambling to offer savers better rates – and the losers will be anyone taking out a new mortgage.

So what’s happening? On 28 February an extraordinary financial measure, put in place in the days after the Brexit vote, will end.

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