Martin Lewis was abc on the small screen this week hosting a special mortgage edition of his Money Show Live on STV. The consumer champion explained how rising interest rates are set to impact mortgages for at least the next year - possibly longer - and warned that even homeowners currently on a low fixed-rate need to start planning ahead for when the deal comes to an end.
Martin told viewers: “There will be millions of you out there on a cheap fix and you’re thinking ‘this isn’t me right now’, it might be six months, it might be a year, or it might be 18 months, but you still need to listen. The first thing is, unless you’re on a very long fix, you need to prepare your budget now to see how much you will be paying once that rate goes up.”
He continued: “Get on to a mortgage calculator, put your details in and assume you’ll be paying at least 6 per cent, if it’s less great, but let’s assume 6 per cent or more.”
