How the latest interest rate rise affects your finances - and what you should do about it

It meant, the company said, that such borrowers could be paying more than £1,300 extra on an annual basis when all the Bank's rate increases since December are taken into account.

Even though rates have increased, she said a homeowner with a £250,000 mortgage could still save up to £53 a month, or £636 a year, by moving their variable rate mortgage to a two-year fixed rate deal.What does this mean for savers? "The good news is that these have been on the up following the recent base rate rises, but unfortunately there's no guarantee that your provider will pass on the latest increase - at least not immediately," she said.

She said the top two-year fixed rate account is currently paying 2.5%, which is substantially more than the top easy-access account of 1.5%, citing data from moneyfacts.co.uk.

Yeah let’s ease the cost of living… make it so that those with houses can’t afford them anymore… Genius

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Savers waiting for their 'light relief' ...

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