Money Saving guru Martin Lewis is advising homeowners with long-standing mortgages to lock into a fixed-rate deal now, before rates rise sharply. The financial expert predicts that rises in mortgage rates will contribute to the ever-growing cost of living crisis, so he aptly offered his latest advice in his recent Money Saving Expert newsletter.
Martin in-turn explained that the cheapest fixed deals were now double the rate of those available in October, as reported by the Liverpool Echo. Over 50 mortgage providers offered rates less than 1 per cent just five months ago, while the current cheapest offer on the market stands at 1.79 percent, reports Wales Online.
This is an £800 per year difference on a £150,000 mortgage. The TV host also warned that 'things are likely to get worse' following the decision by Bank of England's to raise UK interest rates from 0.5 per cent to 0.75 per cent.
