Money Saving Expert Martin Lewis has warned that UK homeowners are 'at risk from a ticking mortgage time bomb', adding that a 'triple threat' could be soon inbound if the Bank of England rises its base rate of inflation to five of six per cent.
The current rate set is now at 2.25 per cent - but it was a mere 0.1 per cent a year ago. This rise is factored into the price of hopeful homeowners looking to land a new mortgage.
The Mirror reports that while variable-rate mortgages go up in price almost instantly, lenders often put up prices if they suspect a new base rate rise is approaching.
