Martin Lewis has shared predictions for when interest rates could come down and what homeowners should do about a fixed deal. As interest rates rise and many of the UK’s homeowners face sky-high payments, the money saving expert answered their questions about mortgages for a live special show on ITV on Tuesday evening.
It comes as news broke this week that UK two-year fixed mortgage rates have hit their highest level since 2008. According to data provider Moneyfacts, a typical two-year deal has risen to 6.66%, up from 6.63% on Monday, July 10.
This will almost certainly come as bad news for homeowners whose deals are set to come to an end and will need to remortgage soon. The increase will see many homeowners paying hundreds of pounds more each month. You can get more story updates straight to your inbox by subscribing to our newsletters here.
