Last week, the Bank of England hiked interest rates for the tenth time in a row, putting even more pressure on households amid the ongoing cost of living crisis. Decision makers on the Bank's Monetary Policy Committee (MPC) opted to hike the base rate from 3.5 per cent to 4 per cent, to help bring double-digit inflation under control.
The increase is expected to impact millions of homeowners. If you have a tracker mortgage - the type that directly follows the base rate - you can expect your interest payments to jump pretty soon and if you have a fixed-term mortgage, you will not start paying more interest until you have to remortgage when your current deal runs out.
However, in a special edition of The Martin Lewis Money Show Live, the financial expert shared a simple guide to help those on a fixed mortgage “lock in” the best deal, even if your renewal is months away.
