Martin Lewis has given his reaction after the Bank of England have raised interest rates for the 13th consecutive time. After a meeting with members of the Monetary Policy Committee today (June 22), there was a majority vote of 7-2 to increase the base rate to 5 percent after a 0.5 percent increase.
The Bank has hiked interest rates in the hopes of bringing inflation down, but this comes at the cost of many homeowners suffering from increased and unaffordable mortgage repayments amid the already crippling cost of living crisis.
Just days ago, the Money Saving Expert founder issued a warning that the mortgage ticking time bomb is now 'exploding'. Martin made an appearance on Good Morning Britain on Tuesday (June 20) to speak to hosts Susanna Reid and Richard Madeley about the impact of rising interest rates on homeowners.
