Martin Lewis is urging everyone to check their mortgage after interest rates were hiked last week.
The Bank of England has confirmed an increase of its base rate from a record-low 0.1% to 0.25% as it looks to cool inflation levels.
For those with a mortgage on a variable rate, this means monthly repayments are likely to rise as a result.
READ MORE: Money Saving Expert issues urgent warning for British Gas customers
The good news is rates for switchers are ultra low - but they probably won't stay this way for long.
The consumer website added: “Many economists also expect further base rate rises in 2022 to combat soaring inflation.
“So everyone with a mortgage should at least check their situation and see if they can save £1,000s by switching.”
How it affects you will depend on what type of mortgage you're on.
Those on a fixed rate - about 75% of mortgages - are protected, so will pay the same rate until it ends.
If you're on a variable rate, however, costs are likely to rise. If it's a tracker it tracks the base rate, so it'll jump by 0.15 percentage points, which adds about £8 per £100,000 of debt to a monthly payment.
If it's a standard variable rate (or linked to an SVR), while it's not certain to rise by the same amount, it's likely to.
MSE advice says: "Everyone should check their mortgage - and many can switch to save £1,000s.
"Dig out your paperwork, so you can note the type (fixed or variable), rate, when any intro deal ends and more. "
Those on an SVR, the financial advice site says, likely "already massively overpay and it'll get worse" - but "big savings" are possible.
If you're on a fix tracker which ends within six months - or can leave your deal penalty-free - you can lock in a deal up to six months ahead, so it's worth a check now while rates are low.
If you're on an expensive fix or tracker that's not ending soon are advised to weigh up lower monthly payments versus early repayment charges.
MSE has a 'Ditch your mortgage?' calculator which can help.
Receive newsletters with the latest news, sport and what's on updates from the Liverpool ECHO by signing up here
