Money Saving Expert Martin Lewis has issued a warning to millions of people who have a British passport. The ITV This Morning Expert says people need to be aware of 'hidden' fees when renewing their passport.
25.03.2022 - 11:11 / manchestereveningnews.co.uk
Money 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.
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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%. This rate is factored in to the rates banks charge for their mortgages, says the Mirror.
Further hikes to base rate are expected, and analysts Capital Economics expect it to hit 1.25% by the end of 2022 and 2% in 2023. But Lewis said: "While mortgage rates have increased, in a longer historical context, they're still cheap. This is especially true of the cheapest longer fixes which are currently only a touch more expensive than shorter ones, and give certainty for much longer.
"That means everyone who has a mortgage which isn't already locked in to a decent rate for the foreseeable future should be checking if there's a better deal out there. Even if your deal ends in six months, there are options to lock in a rate."
You do not even need to be right at the end of your mortgage term to lock in to a new deal. Many banks allow you to set up a new mortgage up to six
Money Saving Expert Martin Lewis has issued a warning to millions of people who have a British passport. The ITV This Morning Expert says people need to be aware of 'hidden' fees when renewing their passport.
Amid rising cost of living prices in the UK, houses across the country are doing whatever they can to save money on bills. With energy costs rising, heating our homes has become increasingly expensive, with many taking money-saving tips wherever they can to lower their bills this spring. Money Saving Expert Martin Lewis has now been praised after shoppers discovered a £35 SpecialBuy bargain from Aldi which will help to keep you warm for as little as 4p a week.
Money Saving Expert Martin Lewis has issued four ways you can stay warm all week without turning the heating on now energy bills have risen.
Sky customers could save almost £500 a year thanks to a tip shared by Martin Lewis.
Money Saving Expert founder Martin Lewis has warned people not to break the law ahead of gas and electric bill increases after fans questioned him about their meter readings. From April 1 households all across the UK will see a sharp increase in their energy bills, but there are ways to mitigate the sharp costs.
Two supermarket giants - Aldi and Tesco - have both sent out an urgent warning to people who have bought their fruit and veg.
Martin Lewis' frustration was clear to see as he appeared on This Morning on Thursday. It comes after a heavy TV and radio presence from the Money Saving Expert founder ahead of energy prices rocketing on Friday (April 1).
Energy company E.On has blamed the Money Saving Expert Martin Lewis for the industry-wide website crashes that are occurring ahead of the energy price cap increase tomorrow. E.On's said on Twitter that 'Martin has once again created unprecedented demand bringing down Britain'.'
As energy bills are set to soar even further as the cost of living crisis continues to pinch it can feel daunting to consider the arrival of your next bill. Next month, energy prices will increase by around 50% across the board affecting every user in the UK. Most energy firms are increasing their standard tariffs to the maximum allowed by the Ofgem price cap - £1,971 - from April 1.
If you're paying your energy bills using a direct debit, then Martin Lewis is here with a warning ahead of the price hike.The Money Saving Expert founder has received a surged of questions from worried bill payers ahead of the price rise, which will see most bills rise by £693 from April 1. Martin, who donated £50,000 out of his own pocket after a This Morning phone-in, has been urging the government to do more to help people ahead of the rise, as well as providing a huge amount of advice for those in need. And he recent took to Twitter to address a question most have regarding their energy bills.
Money Saving Expert Martin Lewis has issued a warning to anyone who uses direct debit to pay for their heating bills.
If there was one comment Martin Lewis thought he'd not find himself having to respond to it would probably be one about his chest hair.
Good Morning Britain viewers have thanked Martin Lewis for grilling the health secretary, Sajid Javid on Monday (21 March). The financial expert, who is filling in for Richard Madeley, took his time to ask key questions about how the government would support the most vulnerable, low income households and medically disabled with the rising cost of energy prices.