A mortgages “ticking time bomb” awaits if UK interest rates rises follow market predictions, Martin Lewis has warned. Speaking on ITV’s Good Morning Britain, the consumer champion suggested those with variable rate mortgages or fixed-rate deals coming to an end in the next three to five months could go on a comparison website to see what is currently available.
The MoneySavingExpert.com founder said: “Check your existing company to see what it will give you. Mortgage brokers are worth their weight in gold right now.”
Mr Lewis said that, for some, there may be a logic to breaking their fixed deal. He added: “It is not right for everyone – you want the mortgage broker to do those numbers.”
