. The consumer champion explained how rising interest rates are set to impact mortgages for at least the next year - possibly longer - and warned that even homeowners currently on a low fixed-rate need to start planning ahead for when the deal comes to an end.
Martin explained that most people coming off a fixed-rate mortgage will pay “roughly £200 a month more” per £100,000 when that deal ends, but warned that the figure varies depending on your circumstances and could be “substantially more than that in some cases” and advised people to use one of the free mortgage calculators online to get an exact figure.
He explained: “You could get one now at the current cheapest deal you can, you can have that sitting there in case rates go up before your fix ends, this will be ready to start when your current fix ends, but if cheaper deals become available later, you can usually ditch it penalty-free and go to a cheaper rate.”
Martin also met with Chancellor Jeremy Hunt before the show aired on Tuesday night to discuss the escalating mortgage crisis.
Property Property Latest News, Property Property Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MENnewsdesk - 🏆 23. / 69 Read more »