With the base rate of interest now standing at 5.75 per cent, Sean Gardener from MoneyExpert has advised homeowners to protect themselves against further hikes by securing a fixed-rate mortgage deal as soon as possible.
Millions of households are already finding it difficult to meet the financial demands in an environment of rising interest rates and the latest increase is set to pile on the pressure for consumers across the country, Mr Gardener maintains.
“Anyone coming off a fixed rate mortgage deal soon will feel the full effect of the new cost of borrowing,” he said.
“Homeowners have to take action to make sure their monthly mortgage is affordable. If you’re on a variable rate and want certainty then you should fix – and fix now.”
Last month, research from the Co-operative Bank found that the average amount spent by UK consumers on moving house is Â£23,800 over the course of their lifetime.