Money saving expert Martin Lewis has urged homeowners to make a check on their mortgage, as interest rates were increased once again.

Lewis warned that those on standard variable tariffs have around a month to look for a better deal before their bills go up.

In his Wednesday consumer affairs newsletter he recommended other homeowners who are on fixed deals that are soon to expire should also look for a new deal.

He said: “The cheapest rates have disappeared - if your fix ends soon-ish or you're on the standard rate, check now if you can save.

The Argus: Interest rates going up again will soon affect mortgage repayments (PA)Interest rates going up again will soon affect mortgage repayments (PA) (Image: PA)

“The 0.25% point base rate increase will likely take a month to feed through to most standard variable rates (SVRs), though some tracker rates have already gone up. It will add roughly £12/mth per £100,000 of mortgage.”

The Independent reported that there were "50 fixed-rate mortgage deals below 1 per cent last autumn 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 October's cheapest."

Lewis added: "With further rate rises predicted, and many lenders' default standard variable rates heading to 5%, checking if you can save by changing deal is a must-do.

"You may not save as much compared to a few months back, but compared to doing nowt, switching could still help you save £1,000s."