Martin Lewis warns homeowners how much monthly mortgage payments will go up after interest rate rise
manchestereveningnews.co.ukMartin 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. Read more: Join the FREE Manchester Evening News WhatsApp community Writing on Twitter, Martin said: "Bank of England base rate up 0.25% pts to 4.5% (12th consecutive rise, highest level since 2008).
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