Money Saving Expert Martin Lewis says households in the UK could knock thousands off their bills - if they act now. The ITV presenter has warned that homeowners should check their mortgage immediately.
According to Martin, the Bank of England raised interest rates for the fourth consecutive time last week. The consumer expert said those on variable tariffs have around 30 days to shop around before their bills rise, while others on soon-to-expire fixed deals may want to consider locking in a new tariff now.
"The cheapest rates have disappeared - if your fix ends soon-ish or you're on the standard rate, check NOW if you can save," explained Mr Lewis in Wednesday's MSE newsletter. The 0.25 per cent point base rate increase will likely take a month to feed through to most standard variable rates (SVRs), though some tracker rates have already gone up. It will add roughly £12/moth per £100,000 of mortgage," Mr Lewis added.
