Martin Lewis has warned homeowners that they could be paying £40-a-month extra on their mortgage for every £100,000.

The changes come as the Bank of England hike interest rates once more to three per cent, in the biggest hike since 1989.

So, if you have a £300,000 mortgage you will pay £1,440 extra per year.

“Existing fixes won’t change, but when they end new deals will be far costlier,” the money saving expert explained.

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