Martin Lewis issues urgent 'ticking time bomb' mortgage warning
25.05.2022 - 20:13
/ ok.co.uk
As if applying for and paying your mortgage isn't hard enough, money saving expert Martin Lewis has just dropped a 'ticking time bomb' of a warning for us to heed. In a special programme covering the cost of living crisis, he gave a stark caution for everyone with a mortgage - or thinking about applying for one - on the Martin Lewis Money Show Live.
The programme also looked at Ofgem's new prediction for the October price cap rise and how to make the most of your cash when travelling abroad, reports the Daily Record. The founder of MoneySavingExpert.com, Martin, 49, was asked by a member of the audience about his fixed rate mortgage, which is coming to an end.
They wanted to know: “What should I be looking out for going forward? Should I consider a two-year or five-year deal? Do you think interest rates are going to keep going up? Can I do anything now?” Martin responded by saying that he does in fact believe interest rates are going up, despite not normally making predictions. Get exclusive celebrity stories and fabulous photoshoots straight to your inbox with OK!'s daily newsletter He said: "In the last meeting of the Bank of England the vote was six voted for it to go up 0.25% and three voted for it to go up 0.5%.
“I think there are certainly more rate rises to come - nothing is certain - I think we might be up another percent by the end of the year.” He also explained how there were lots of mortgage deals below 1% only six months, but the cheapest fixed deals are now double that at around 2.1%. He added that he has “real concerns” about mortgages right now.
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