Martin Lewis reveals exactly how much cheaper your mortgage will get after interest rate cut

manchestereveningnews.co.uk:

Martin Lewis has revealed how much you can save on your mortgage after the Bank of England's latest interest rate cut. The Money Saving Expert founder has reacted to the bank's announcement today (November 7) which saw the base rate lower from 5 percent down to 4.75 percent.

The decision has been made by the Monetary Policy Committee, who meet eight times a year, who voted by a majority of 8 to 1 to reduce interest rates.

Speaking of its decision, the bank said inflation is 'close to the 2 percent target', but that they will 'not cut rates too quickly or too much'.

It also added that 'if things evolve as expected, interest rates will continue to fall gradually.' READ MORE: What Bank of England's interest rate cut means for your mortgage The interest rate cut is expected to benefit many homeowners who could now see their mortgage repayments become cheaper - but this depends on the type of mortgage that you have.