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Wales Online
Wales Online
National
Kirstie McCrum

Martin Lewis has invaluable mortgage advice for millennials

The cost of living crisis is causing concern to everyone about how to heat their home, feed their families and more. But this week on The Martin Lewis Money Show Live (February 7), the money-saving guru concentrated on property queries.

As well as addressing how those with mortages can negotiate their next deal, be it through a tracker or a fixed rate deal, Martin also talked about rental rates - and rights - for tenants, house prices and interest rates.

But his main warning was to those who believe that the current higher rate of interest on mortgages will be short-lived and, thereafter, cheaper rates will resume. In fact, those specifically under 35 who have lived as adults through the time since the last global financial crash.

But his main warning was to those who believe that the current higher rate of interest on mortgages will be short-lived and, thereafter, cheaper rates will resume.

"I need to be very plain," he told the audience.

"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 limboing well below the prior 300-year historic lows for interest rates.

"We have lived through an anomaly [sic] time. So there is absolutely no rule that says that things must go back to where they were.

"Now I'm not saying they won't go back, I'm just saying that there is no rule that they must, so do not assume and make a decision based on 'things will go back to where they were'."

The Martin Lewis Money Show Live is on ITV at 8pm on Tuesdays, or you can catch up on ITVX

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