Financial guru Martin Lewis has issued a warning to everyone with a mortgage and savings account following a hike in interest rates.
For the eighth time in a row on Thursday, the Bank of England increased the base rate to three per cent from 2.5 per cent - it's highest for 14 years. This could add around £3,000 per year to mortgage bills for those households that are set to renew existing fixed rate, the Bank also adds.
The money saving expert quickly took to Twitter to offer his expert advice and warned variable and tracker rate mortgage payers they can expect to see their payments increase by £40 per month/ £480 per year for every £100,000 of their mortgage. With that, he also added that those with a savings account with continue to pay "diddly squat, so ditch and switch", writes the Daily Record.
