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'Expect to pay 40 pounds more per month' on mortgages, says Martin Lewis

01:04

Martin Lewis: ‘Expect to pay £40 more’ on mortgages each month after interest hike

Martin Lewis has warned homeowners that they should expect to pay an extra £40 each month in light of the Bank of England’s interest rate jump.

Speaking on GMB, the MoneySavingExpert founder broke down how the biggest interest rate hike in 33 years will hit our pockets.

Giving an average example, he said that tracker deals will rise by around £480 each year for every £100,000 worth of mortgage.

This means, Mr Lewis said, that someone with a £300,000 mortgage will end up £1,440 a year worse off.

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