Millions of people in the UK can expect to be £1,476 worse off, on average, as the direct result of a fresh interest rate hike.
The Bank of England is expected to increase the base rate from 2.25% to 3%, meaning the the average mortgage holder on the standard variable rate (SVR) could see their payments rise by £1,476 a year.
Sarah Coles, personal finance expert at Hargreaves Lansdown said: "For anyone on a variable rate mortgage – like a standard variable rate or a tracker mortgage – much of this rate rise is likely to be passed swiftly through into your monthly payments."
