Published • loading... • Updated
Martin Lewis issues mortgage warning to anyone whose deal ends in the next year
Lewis said more than 1 million borrowers should start shopping early, as locking in a rate can protect them if interest rates rise.
- Money expert Martin Lewis urged homeowners with mortgage deals ending within 12 months to review options six months early, warning that well over one million people face this deadline.
- Financial markets suggest the Bank of England could raise interest rates several times over the next year, putting significant pressure on mortgage costs for borrowers.
- Borrowers can often secure a fixed-rate mortgage six months in advance, locking in a rate for security while retaining the ability to switch if better deals emerge.
- Many homeowners wait until two or three months before expiry, which is risky in rising-rate environments. Martin said, "That's what you should be doing right now."
- A mortgage broker can advise on terms and how to exit deals if rates improve. Martin said, "You need to do it in a way that you're able to get out of it.
Insights by Ground AI
19 Articles
19 Articles
Coverage Details
Total News Sources19
Leaning Left1Leaning Right0Center18Last UpdatedBias Distribution95% Center
Bias Distribution
- 95% of the sources are Center
95% Center
C 95%
Factuality
To view factuality data please Upgrade to Premium
