Money Saving Expert Martin Lewis has explained how mortgages will be affected after the Bank of England raised the base interest rate to 4.5%.
The financial guru says monthly mortgage payments will rise, leaving many homeowners worse off. However, depending on which mortgage plan people are on, some may not yet feel the brunt of the rate increases.
Writing on Twitter, Martin said: "Bank of England base rate up 0.25% pts to 4.5% (12th consecutive rise, highest level since 2008). Variable/tracker rate repayment mortgages will rise c.£12/mth (£150/yr) per £100,000 of mortgage (use mortgage calc to check)."
