Martin Lewis had a blunt message for people waiting for mortgage rates to get better as he spoke about housing market issues on his ITV show. It came as question from a viewer of The Martin Lewis Money Show Live on Tuesday night (Feb 7) "triggered a warning".
The finance expert said recent years have been an "anomaly time" when it comes to mortgages and explained why homebuyers can't make assumptions about future trends. On this week's episode of his show, Martin discussed the housing market and was joined by three experts who share their thoughts on mortgage and rental rates.
Martin explained the current rates are easing slightly as the experts shared their predictions on what will happen throughout this year. However, a question from a viewer prompted the MoneySavingExpert founder to digress to give a separate warning, reported the Echo.
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The viewer named Kayleigh, whose fixed mortgage rate is set to end in December, asked: "Is it best to fix again or go into variable to see if the rates come down?" In response, Martin said the question had "triggered a warning" that he wanted to give.
He said: "I've been quite concerned over recent months as many people who have got in touch with me and saying 'I am doing this until rates go back to the cheap rates that we've had'. Now, I need to be very plain.
"If you're under 35, you might not realise that the rates that we had since 2008 until last year, they weren't low. They were limbo-ing well below the prior 300 year historic lows for interest rates.
"We have lived through an anomaly time, so there is absolutely no rule that says things must go back to where they were. Now, I'm not saying they won't go back, I'm just saying there is no rule that they must."
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