The Bank of England has raised the interest rate for the first time in over a decade.
As anticipated, the interest rate has been increased from 0.25% to 0.5%, representing the first rise since 2007.
Whilst the rise could mean that over four million homes could face an increase in their mortgage interest payments, research suggests that first-time buyers are not deterred by this.
However, the rise is likely to be welcomed by savers, who may see a slight increase in returns.
Further details on this are to follow.
