Martin Lewis issues November date warning to anyone who owns a house

Martin Lewis issues November date warning to anyone who owns a house
-Credit: (Image: Reach Publishing Services Limited)


Martin Lewis has urged UK households to look out for a crucial date when it comes to their mortgages. BBC Sounds podcast host Mr Lewis spoke out over the need for mortgage borrowers and those who own a house to ensure they are renegotiating their deals at the right time.

"The market is saying, we think interest rates are dropping and dropping longer in the long term, so we've seen fixed rate mortgages come down," Lewis explained. He continued: "So, as mortgage rates come down, it's starting to look like those people who are on standard rates or who are coming off their fixes are going to be able to get decent deals.

"The big question people would ask is, should I fix now or should I wait cos it might get even cheaper? I've spoken to a lot of mortgage brokers about this and most people are saying while mortgage rates may shave down towards the end of the year, no one is really expecting them to be a substantial step change in rates from where they are now are they."

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Speaking about November being a crucial month, Mr Lewis added: "The consensus is they think we'll have a rate cut in November that's not a prediction, that's what the market thinks at the moment, things can change, and some of that has already been priced into the market now."

The Money Saving Expert founder was chatting to Adrian Chiles and a mortgage expert on his weekly BBC podcast. "If you wait there may be a small marginal gain, but if you're waiting and the fix has come to an end, then the small gain in waiting is massively outweighed by the cost of the variable rate," ITV regular Mr Lewis said.

"So you may as well go and get your cheap deal now anyway, because you do not want to be on the expensive standard variable."