Cash-strapped homeowners are being urged to see if they could switch and save on their mortgage after the Bank of England raised the base rate from 0.5% to 0.75%. The latest increase is the third in recent months, following previous hikes from 0.1% to 0.25% and then to 0.5%.It comes as living costs are soaring, with the rate of inflation expected to increase to around 8% in the coming months and perhaps even hitting double digits. Some 850, 000 outstanding mortgage deals are trackers, while more

Meanwhile, savers can expect slightly better returns on their money.So, how will the Bank’s interest-rate hike affect people’s mortgages, savings and investments?... Recommended Rishi Sunak should follow the Bank of England’s lead over the economy| James Moore Bank of England expected to raise interest rates again Inflation in Turkey soars to eye-popping near 70% in April( PA Graphics)( PA Graphics) How will homeowners be affected?... Borrowers on variable rates can protect themselves from ris

The squeeze on households has tightened its grip to the strongest level in a generation. Consumer Prices Index( CPI) inflation jumped to 5.4% in December – the highest level since March 1992. With energy bills set to rise again sharply and a 1.25 percentage point National Insurance increase also coming in from April to help pay for the NHS and social care, the pressure on household incomes is set to bear down further. There may be some ways for people to ease the pressure on their finances thoug

Media caption, Worried about rising mortgage payments?... Your income and the amount of equity you hold in the property will determine your eligibility.... A modern browser with JavaScript and a stable internet connection is required to view this interactive. How much could my mortgage go up by?...

He said: “ We believe that the current ISA allowance offers simplicity and balance, allowing flexible saving and investing.... Read our Privacy PolicyHelen Morrissey, head of retirement analysis at Hargreaves Lansdown, said the “ quiet ” Spring Statement for pensions is “ something to be grateful for, ” giving people “ valuable breathing room for long-term planning ”.... DON'T MISS Powered by Maximise your Cash ISA savings potential with 7 simple tips Comments Cash ISAs-your' use it or lose it