UK households could knock thousands off their bills if they act now, Martin Lewis has claimed. The Money Saving Expert has urged homeowners to check their mortgage immediately.
According to the ITV presenter, the Bank of England has raised interest rates for the fourth consecutive time. The financial wiz says those on variable tariffs have about 30 days to shop around before the rise in bills, whereas those on other fixed deals that are soon to expire should consider locking in a new tariff now, The Mirror reports.
Writing in his MSE newsletter, Mr Lewis said: "The cheapest rates have disappeared - if your fix ends soon-ish or you're on the standard rate, check NOW if you can save. The 0.25% 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/month per £100,000 of mortgage."
