Martin Lewis shares simple guide to getting best mortgage deal if current fix due to end this year

dailyrecord.co.uk:

Last week, the Bank of England hiked interest rates for the tenth time in a row, putting even more pressure on households amid the ongoing cost of living crisis.

Decision makers on the Bank's Monetary Policy Committee (MPC) opted to hike the base rate from 3.5 per cent to 4 per cent, to help bring double-digit inflation under control.The increase is expected to impact millions of homeowners.

If you have a tracker mortgage - the type that directly follows the base rate - you can expect your interest payments to jump pretty soon and if you have a fixed-term mortgage, you will not start paying more interest until you have to remortgage when your current deal runs out.However, in a special edition of The Martin Lewis Money Show Live, the financial expert shared a simple guide to help those on a fixed mortgage “lock in” the best deal, even if your renewal is months away.The consumer champion shared the practicals of getting a mortgage deal - for people remortgaging and trying to get a new deal on the same property - after one viewer for in touch with the ITV show to ask Martin whether he should dip into savings to pay his mortgage as his current fix ends in a couple of months.Stephen wrote: “We may have to dip into our £28,000 savings, which is meant to be for our kid's education, to pay for our rise in mortgage.

I am getting really worried now - my 5 year fix rate is coming to an end in April. I don't know enough about mortgages so could do with some advice - what are my options?”Martin explained that the first thing you have to do is gather your mortgage information such as:Martin said: “The most important thing everyone needs to get about mortgages is the Loan To Value (LTV), this is the proportion of your home’s current