Martin Lewis has issued a warning to everyone with a mortgage and savings account after the Bank of England hiked interest rates for the eighth time in a row on Thursday.
The Bank’s base rate has now increased to 3% from 2.25%, its highest for 14 years. The consumer champion took to social media shortly after the announcement to offer immediate insight and warn variable and tracker rate mortgage payers they can expect to see their payments increase by £40 per month/ £480 per year for every £100,000 of their mortgage.
He also warned people with a savings account that most of the big banks “will continue to pay diddly squat, so ditch and switch”.
The Bank of England also warned that the interest rate hike could add around £3,000 per year to mortgage bills for those households that are set to renew existing fixed rate.
Read more on dailyrecord.co.uk
Get the latest stars news and celebrity rumours with exclusive stories, photos, videos and interviews.
Breaking up, scandals, engagements, divorces, gossip – all you need to know about the private lives of your favorite celebs.
Get to know the latest showbiz news along with exclusive interviews and even more. All this is waiting for you on the main page 24 hours a day, 7 days a week! Who, where, when, with whom, how, why and for what!? Stay tuned to know first!
Just follow us daily and we will provide you with the current news from the life of famous stars and celebrities.
Owner: SNOWLAND s.r.o.
Registration certificate 06691200
Address:
Snowland s.r.o.
16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
Czech Republic
©2024. All rights reserved.