Martin Lewis reveals how to secure cheapest mortgage deal as rates reach 15-year high
The Independent
2023-07-13
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Martin Lewis has explained how homeowners can find the cheapest mortgage deals during an “emergency” edition of his ITV show.
The MoneySavingExpert urged Britons to avoid moving onto a standard variable rate, if possible, after rates reached a 15-year high.
He introduced a three-step guide on Tuesday’s episode of The Martin Lewis Money Show and told homeowners the “crucial” thing to know is their loan to value - the proportion of their home’s current value that can be borrowed.
“Most importantly for everybody out there, you need to know when you will move to the standard variable rate,” Mr Lewis said.
“You don’t want to be on a standard variable rate if you possibly can, you want to get off that, so you need to know when you’re going to be moved to that.”
The MoneySavingExpert urged Britons to avoid moving onto a standard variable rate, if possible, after rates reached a 15-year high.
He introduced a three-step guide on Tuesday’s episode of The Martin Lewis Money Show and told homeowners the “crucial” thing to know is their loan to value - the proportion of their home’s current value that can be borrowed.
“Most importantly for everybody out there, you need to know when you will move to the standard variable rate,” Mr Lewis said.
“You don’t want to be on a standard variable rate if you possibly can, you want to get off that, so you need to know when you’re going to be moved to that.”
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