Millions of homeowners face mortgage 'ticking timebomb' - how to avoid it
The latest hike is expected to add £888 a year on to their repayments.
But these mortgage holders should prepare for a triple digit increase in monthly repayments when their deal is next up for review. According to L&C, a typical variable mortgage rate was 4.74% when the Bank of England's base rate was 1.25% before today's rise.But with base rate at 1.75%, monthly payments will shoot up to £598.Laura Suter, head of personal finance at AJ Bell, said: "We’re odds-on to see the biggest increase in interest rates since 1995 as it’s widely expected that the rate setters will hike rates by 0.5 percentage points.
Either way, locking into a fixed rate deal will give you certainty over your repayments for a set period of time and protect you from future rate hikes.previously told The Sun
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