Martin Lewis warns people whose mortgage ends in December to 'start now'

James Rodger
·2-min read

Martin Lewis has issued a warning to anybody whose mortgage deal is ending in December. The BBC Sounds podcast presenter used his Money Saving Expert newsletter, which hit inboxes today, to shed light on the issue affecting homeowners.

Martin, who has regular ITV stints with the likes of Good Morning Britain, This Morning and more, typed: "Looking for a cheap mortgage deal? Big lenders are shaving down mortgage rates ahead of Wednesday's key inflation figures - could interest rates fall soon?"

He added: "Fix ending before December? Start the mortgage-switching prep NOW. Most times, your existing lender will let you lock in a new deal up to six months ahead. So start early. This might sound counterintuitive, as rates may drop, but it's a protection against the possibility of future rises.

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"Usually if things do get cheaper before the fix starts, you're free to ditch it." He added: "On lender's standard variable rate (SVR)? Check if you can get a short-term cheap tracker. Some people are holding off doing anything in the hope rates will come down. Yet if you're doing that by sticking on your lender's SVR, which have an average rate of 8.18%, it's costly."

If you're on the look for a new mortgage, Mr Lewis warned you need to know the details of your current term, check what your current lender will offer ('product transfers') and then compare this with the best deals on the wider mortgage market.

Mr Lewis said: "Use our range of calculators to make it easy to compare deals." He also explained ways to boost your chance of acceptance when applying, including making sure your credit history and credit score is in rude health.

Mr Lewis also advised homeowners to use a broker, because they can "really help too", amid the Cost of Living crisis.

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