Money Saving Expert founder Martin Lewis has issued a stark warning to anyone on a fixed-rate mortgage that could end soon. The financial guru fears a possible hike in interest rates could have a lasting impact on homeowners.
This, he says, could mean many families who are currently on fixed-rate mortgages could struggle to pass affordability checks once their current deal expires. The checks are designed to see whether customers can afford a mortgage.
This change could leave homeowners on mortgage plans that follow the Bank of England interest rates. This often means fluctuating prices.
