The new Martin Lewis Money Show returned tonight on ITV to answer your burning questions about finance as the cost of living continues to rise. On tonight's show, the money saving expert gave his verdict on whether you should stick with a variable mortgage rate or go with a fixed one.
Following the mini budget, mortgage rates began to rise and many fixed rate deals were pulled from the market. Martin took questions from viewers about their mortgage queries live on the show, and was joined by a mortgage regulator in the audience who also passed on her advice.
Martin received a question from a woman called Linda asking whether her son should stick with a fixed-mortgage rate or not. "If your mortgage rate is higher than the after tax rate that you could earn on savings then you usually want to over pay the mortgage. If your savings rate is higher than the mortgage, you usually want to save."
