Money Saving Expert Martin Lewis is advising homeowners with mortgages to lock into a fixed-rate deal now. The finance guru offered the advice in his latest Money Saving Expert newsletter, as he predicts continued rises in mortgage rates will add to the cost of living crisis.
Lewis pointed out that the cheapest fixed deals were now double the rates that were available in October, as reported by the Liverpool Echo. Five months ago, more than 50 mortgage providers offered rates of 1% or under, while the current cheapest offer on the market was 1.79% – an £800 a year difference on a £150,000 mortgage. The TV presenter also warned that "things are likely to get worse" after the Bank of England's decision to raise UK interest rates from 0.5% to 0.75%.
