Martin Lewis has issued a warning for homeowners following the Bank of England's (BoE) decision to raise the base rate to 4.5 per cent.
The money-saving expert explained how monthly mortgage payments will rise, leaving many homeowners worse off. The BoE announced today the base interest rate will rise following a vote by members of the Bank's Monetary Policy Committee.
It means the interest rate is now at its highest level since the 2008 financial crash, with borrowers facing higher costs in an attempt to drive down inflation. However, depending on which mortgage plan a borrower is currently on, they may not yet feel the brunt of the rate increases.
