The monthly payments on a £150,000 repayment mortgage will rise by £22 per month, whilst switching energy providers can save homeowners up to £27 each month, freeing up the extra money necessary to cover this increase.
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Director of consumer policy at uSwitch.com, Ann Robinson, said: One of the easiest ways homeowners can alleviate the squeeze on their wallets is by reducing the basic cost of running their homes.
Energy bills are the third biggest household expense after mortgages and council tax. A homeowner who has never switched energy providers before has got the potential to unlock wasted cash, save up to £325 per annum or £27 a month and offset all of the latest interest rate rise.
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A base rate rise and the impact on mortgage payments are entirely out of peoples control, however simple changes to save money on energy bills are not. Quick wins such as paying by direct debit, switching to dual fuel and taking up an online tariff could chip substantial amounts off the average energy bill.
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