Martin Lewis' £800 warning message to anyone paying a mortgage
manchestereveningnews.co.ukMoney Saving Expert Martin Lewis has issued an important message to anybody paying a mortgage in the UK. ITV's resident finance expert has warned that mortgages are set to rise this year.
He says that means that everyone who has a mortgage which isn't already locked into a decent rate for the foreseeable future should be checking if there's a better deal out there.
The MoneySavingExpert (MSE) founder said that in October 2021 there were more than 50 mortgage deals below 1% and the cheapest fix was 0.84%.
Today, the cheapest is 1.79% - equivalent to an extra £800 a year on a £150,000 mortgage, Lewis said in the MSE newsletter on Thursday morning. READ MORE: Care home worker thrown out of ASDA because staff 'don't like the way he shops' Lewis said that "things are likely to get worse" due to the Bank of England putting up base rate last week from 0.5% to 0.75%.
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