Martin Lewis has issued a stark warning to homeowners in the UK after the Bank of England's latest announcement. On Thursday (December 15) the Bank announced that it has increased interest rates by 0.5 per cent to 3.5 per cent in what is the ninth consecutive rise this year.
The interest rate was raised to 3 per cent on November 3 after rising by 0.75 per cent - the biggest interest rate increase since 1989. The base rate of 3.5 per cent is now the highest rate that the UK has seen in 14 years since the recession in 2008.
The Monetary Policy Committee voted by a majority of 6-3 to increase the Bank rate to 3.5% in a bid to tackle inflation and soaring prices amid the crippling cost of living crisis - but with rising interest rates comes bad news for many homeowners.
