Four major changes set to hit your finances this month including BNPL shake-up and mortgage rate rises


Millions of people have been trying to balance their budgets after bills went up recently—and four more changes are expected on your finances this month.

From energy to food and fuel to transportation, homes are filled with eye-watering bill hiking


These are the four big money changes happening this monthcredit: getty

Energy price limit hiked in AprilAdding an average of £693 to the bills of millions of customers per year.

While 25 million workers were affected by the increase in the national insurance rate 1.25 percentage points same month.

family members also laid siege Council tax hiked by up to 5%,

This month will bring even more money changes – but some may mean that you will be better off.

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We explain all the key dates you need in our diary below.

Mortgage rate hike

last month, bank of england (BOE) hike Interest rates at 13-year high of 1%Meaning mortgage payments is also likely to increase.

It decided to increase interest rates Secrets in rising inflation, which hit 9% last month.

The next meeting of the Bank of England to decide on further interest rate hikes will be on 16 June.

Families with convertible or tracker mortgages are most likely to feel the effects of interest rate hikes most quickly because the interest rates on these mortgages are tied to the bank’s base rate.

So when he goes up, do yours monthly repayment — and for some homeowners, it will start this month.

TSB Confirmed that it will increase rates on variable rate mortgages for homeowners by 0.25% starting June 1.

Going into a fixed-rate mortgage can give you certainty on your repayment for a set period of time — and you’ll be protected from upcoming rate hikes.

Shop around for the best deal or talk to a mortgage broker who can scour the market for you.

If you’re on a standard variable rate, it looks like you could see your monthly payments drop if you even get a new deal.

BNPL will show on credit score

Starting this month, anyone who uses the Buy Now, Pay Later firm Klarna will have Transactions logged on their credit score,

The shake-up happened on June 1 – and means lenders can now look at this lending for the first time.

People who use Klarna responsibly can build up a better credit score — otherwise, it could affect your ability to get a mortgage, loan, or credit card.

That’s because lenders will be able to see how much you’ve borrowed – and if you haven’t paid it back on time.

Make sure to hit all your payments on time to avoid being deducted using the service.

Boots Advantage Card Shape Up

Buyers only have a few weeks left to use their Boots Advantage card – or Watch their points erased.

This comes as the high street giant changed the terms and conditions of the plan, and it means the amount of time you can spend without using the card is minimal.

From 20th June, boots After customers’ cards become unused after one year of use, as opposed to two, their points will be erased.

Anyone who has not used their card for more than a year can lose the points they have created unless they use their card before the date of the following month.

You don’t need to spend them before this date – just make sure you scan it or add it to an online order.

Thousands to get £150 council tax exemption

Many councils have already provided council tax exemptions of £150 to households located in their catchment areas.

But thousands are still waiting for their cash – which will Help them pay the rising electricity bills.

if your Property Belongs to the council tax band A to D, you are entitled to a one-time cash payment from the government which is being liquidated by your local authority.

£150 does not need to be repaid, but the date you can expect will change depending on your region and how you make your payment Council tax bill.

the sun has scored full list of regions Where £150 is expected to be handed over to families this month.

including councils North East Lincolnshire Council, dermSuffolk, Cambridgeshire, Breckland and Fenland will make the payment.

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here is Exact date Energy bills will rise again – And how to buffer the blow.

We also answer all your energy bill questions – including When you get £400 energy discount,

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