Martin Lewis warns homeowners how much monthly mortgage payments will go up after interest rate rise
Martin Lewis has issued a warning for homeowners following the Bank of England's decision to raise the base rate to 4.5 per cent.
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.Writing on Twitter, Martin said: "Bank of England base rate up 0.25% pts to 4.5% . Variable/tracker rate repayment mortgages will rise c.£12/mth per £100,000 of mortgage .
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