I have seen the inflation excuses on the Bank of England website. I’m not ignoring the comments about the economy. Though, you’ve left out ‘Too many people.’ in your reasons for an increase in normally expected rates of inflation.
There must be a ceiling on total population, by the way. Are we there now?
Good luck with the interest rate raises. Wait until April after the tax year. Don’t start in January or February because families with children do a Christmas catch-up and others suffer heating bills. At least people will be on the street in the summertime.
When I had my mortgage at a time I had a house years ago I started on high interest and clipped the start of the low-interest rates and the difference in rates took a mortgage of about £700 and made it £250 per month (a difference of £450). That was great! Going the other way would be hellish. A good reason not to own a house with a mortgage <straight face>. (Although I don’t currently have a house at all.)
The benefit of interest rate increases is savings accounts. Who can afford savings? Only super evil people having more money than they need to survive. That is a mantra from Devon.