Martin Lewis is telling homeowners to make a simple check that could save £1,000

Homeowners have been urged to review their mortgage after interest rates rose for a fourth straight week last week.

Money-savings expert Martin Lewis said those on variable plans have about a month to look for other potential offers before their bills increase.

Others with fixed contracts that are about to expire should now perhaps also consider opting for a new tariff, he said in his consumer newsletter on Wednesday.

He said: “The cheapest fares are gone – if your fix is ​​ending soon or you’re on the standard fare, see if you can save now.

“The 0.25% increase in the base rate will likely take a month to impact most standard floating rates (SVRs), although some tracker rates have already risen. It will add about £12/month per £100,000 mortgage.”

Last autumn there were 50 fixed rate mortgage deals below 1 per cent but now the lowest fix is ​​2.1 per cent, meaning someone with a £200,000 30-year mortgage would now be paying £120 a month more than the cheapest in October.

“With more rate hikes forecast and many lenders’ standard variable rates rising to 5%, it’s a must to see if you can save by changing the deal,” Lewis added.

“You may not be saving as much as you were a few months ago, but compared to now, switching could still save you £1,000.”

More rate hikes are expected, with analysts at Capital Economics forecasting them at 1.25 percent by the end of 2022 and 2 percent in 2023.

David Hollingworth, Associate Director at L&C Mortgages, told Mirror Online: “The market is moving at breakneck speed as lenders try to manage their product range and lending volumes, often resulting in products lasting days instead of weeks.

“This presents a real challenge for borrowers trying to keep up with market movements, but as mortgage rates continue to rise, it’s even more important for borrowers to stay on top of their mortgage.”