Martin Lewis has urged homeowners to beware "hidden" fees involved in when swapping to a new mortgage lender.
Most mortgage products will come with an arrangement fee and sometimes a booking fee.
You may also be slapped with other costs, including a valuation fee, conveyancing fee or broker fee - as well as early exit fees if you’re choosing to leave your current deal early.
Speaking during a special mortgage crisis edition of his ITV Martin Lewis Money Show Live last night, Martin urged homeowners to add up all the costs before locking into a new deal.
This applies when you come to remortgage your home.
He said: “You’ve got to factor in the fees, whatever fees they’re charging for switching, and spread that over, say it’s a five-year fix, spread it over five years.
“Especially important for smaller mortgages where the fees have a disproportionate impact.”
The warning from Martin comes after mortgage rates hit the highest level for 15 years - surpassing the peak in the aftermath of the Mini-Budget.
The average rate on a two-year fixed deal is now 6.66% - a level not seen since August 2008 and the financial crisis.
It follows thirteen consecutive rate rises by the Bank of England, with the base rate now at 5% - adding more pressure onto squeezed homeowners.
For anyone who is struggling to keep up with their mortgage payments, Martin explained the steps you need to take now.
He said: "If you have serious problems or you're in arrears, please speak to your lender if you are in trouble.
"Don't hide it from them. That's a mistake.
"Under the forbearance rules lenders should offer you tailored support.
Sheldon Mills, executive director, consumers and competition at the Financial Conduct Authority, and who was appearing as a guest on the show, also confirmed lenders should be giving people support.
He said: "We oblige them to go through tailored support for people who are in serious problems or in arrears.
"And in addition to that people are vulnerable at a time when they're in financial distress so the should also be doing that sensitively to your situation."
