Martin Lewis explains three things homeowners must do now as mortgage rates could soar

Asia's Tech News Daily

Martin Lewis has explained three things homeowners must do now over fears mortgage rates could be about to soar.

The MoneySavingExpert used his ITV show this evening to explain how homeowners could end up paying more if interest rates rise next month.

Personal finance and market experts are currently forecasting that the Bank of England will hike the so-called base rate from 0.1% to 0.25%.

This is bad news for homeowners with a tracker and variable rate mortgage – where your rates go up and down – as they’d see their mortgage bills rise in line with interest rates.

But speaking during his show, Martin pointed out how mortgage rates are at an all-time low right now, with the cheapest fixed deal being 0.84%.

© ITV Martin Lewis explained how interest rates could be likely to rise next month

This means those who act now and can lock in now to a fixed deal – where your rate is set for a period of time – may find they can avoid paying more.

Martin said: “UK interest rate rises are likely coming and coming soon, so this is a clarion call.

“Everyone with a mortgage, you need to check now if you’re on the best deal before it is too late.”

The Bank of England will next meet on November 4.

If the central bank does decide to increase the base rate, it will be announced that date.

Here are the three steps from Martin for checking if you could save money on your mortgage:

1. Gather your current mortgage information

First of all, find out all the relevant information about your current mortgage deal so you know what you’re comparing against.

“Get your mortgage information together. Your rate, your type, when the deal ends, the terms and are there any switch penalties,” explained Martin.

“The most important thing to understand is the loan to value; that is the proportion of your home’s current value that you borrow.

“The reason I’m stressing current here, is because many people’s house price has gone up so they’re worth more.

“So even if you’re borrowing hasn’t dropped, it means your loan to value may be lower which means you may be able to get a better mortgage.”

2. Find your lender’s cheapest product transfer

Once you’ve gathered the above information, go to your existing lender and see if you can do a product transfer.

This is where you switch to another deal but with the same mortgage provider, rather than switching lenders.

“This used to be not a good rate but these days existing lenders can forgo affordability checks, which can help acceptance,” said Martin.

“They may have lower fees and obviously less paperwork.”

3. Use a mortgage comparison site to check other deals

Finally, go to a mortgage comparison website to check what the cheapest deal out there is right now to see if you can save more by changing lender.

But, keep in mind you need to factor in any fees that come attached with your respective deal and not just the cheapest rate.

“Especially if you’re doing a smaller mortgage, fees are disproportionately affected,” said Martin.

“What I would do is, say you’ve got a two-year deal, divide the fee by 24 months and add that on to the mortgage to compare.

“As to whether you should fix or not, if certainty and being able to budget is important to you, the more you should fix.”

Other things to consider when it comes to mortgages

If you’ve found a better deal where you would be able to save, you then need to consider the practicality of moving.

For example, will you be accepted and pass all the relevant credit checks?

You can check your credit score for free online with the three main agencies, Equifax, Experian and TransUnion.

Lenders will also complete what is known as a “stress test” to see if you’re really able to afford your mortgage.

This is where they’ll look at your income and outgoings to determine what you can afford to pay.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

5 Simple recipes for delectable grilled sandwiches

Whether you’re in the middle of a busy week or at the end of a long day at work, preparing a quick snack can be the need of the hour. ... Read more »

Suspension flawed: Opposition ups ante, writes to Naidu

© Provided by The Times of India NEW DELHI: The opposition on Tuesday termed the order to suspend 12 Rajya Sabha MPs for an incident that happened in the monsoon ... Read more »

Heather Rae Young: I don't have any regrets

Heather Rae Young doesn’t live her life with any regrets. © Bang Showbiz Heather Rae Young doesn’t have any regrets The 34-year-old TV star posed naked for Playboy magazine before ... Read more »

Mira Kapoor relishes ‘legendary masala bread'; can you guess the chef?

© Provided by The Indian Express There is nothing that matches the taste homecooked food. And Mira Kapoor agrees, too. Mira, who loves to share snippets from her daily life, ... Read more »

"They have to go for it" - Sky Sports reporter drops big Tottenham January transfer claim

Sky Sports journalist Michael Bridge believes that Tottenham have to go for it in the January transfer window and expects them to be ‘busy-ish’.  © GiveMeSport Tottenham manager Antonio Conte ... Read more »

Spurs could be set for huge boost as club insider drops major behind-the-scenes claim - opinion

© Provided by Football FanCast Tottenham Hotspur Stadium general view outside in rain Tottenham Hotspur are in line for a game-changing boost if behind-the-scenes claims are to be believed… What’s ... Read more »

'Shaun the Sheep: The Flight Before Christmas' — release date, plot, trailer, and everything we know

Shaun the Sheep: The Flight Before Christmas is a brand new Christmas caper starring everyone’s favorite animated sheep! © Provided by WhatToWatch Shaun and the gang celebrate Christmas in Shaun ... Read more »

Three killed as 15-year-old student opens fire at his school in Michigan

Three students have been killed and six people wounded after a 15-year-old opened fire at his Michigan high school. © Reuters Ambulances were lined up outside the school in Michigan ... Read more »

Sir Garfield Sobers admits he will miss Queen as head of state in Barbados

The legendary Barbadian cricketer Sir Garfield Sobers admitted he would miss the Queen as head of state in Barbados. © PA Wire The Queen It comes as Prince Charles prepared ... Read more »

PM gives Christmas parties the green light after health chief warns against unnecessary socialising

Boris Johnson has urged people not to cancel Christmas parties or school nativity plays despite a health chief encouraging Britons to cut back on unnecessary socialising ahead of the festive ... Read more »

Cristiano Ronaldo still claims Ballon d'Or bragging rights over Lionel Messi

Cristiano Ronaldo didn’t even bother to attend Monday night’s Ballon d’Or awards ceremony as he finished all the way down in sixth place. It was Lionel Messi‘s night as he ... Read more »

George R R Martin ‘begged' HBO to make 10 seasons of ‘Game of Thrones'

© Provided by The Independent George R R Martin reportedly “begged” HBO to make 10 seasons of Game of Thrones, according to his agent. The author ofthe Game of Thrones ... Read more »

Prosecutors demand records of ex-Trump lawyer Sidney Powell's fundraising groups

A recently filed subpoena by federal prosecutors is demanding the financial documents from several fundraising organisations established by ex-Donald Trump lawyer Sidney Powell as part of a criminal investigation tied ... Read more »

Australia news updates live: bigger quarantine fines in NSW over Omicron; parliament under pressure on second-last day

LIVE – Updated at 20:47 Follow the day’s news live.   20:47 We’re international news again. A report on the workplace culture in Australia’s Parliament paints a damning picture of ... Read more »

England 20-0 Latvia: Women's World Cup qualifier – live reaction!

LIVE – Updated at 20:53 © Photograph: Tim Goode/PA Alessia Russo with the fourteenth goal for England. Minute-by-minute report: Can Sarina Wiegman’s England keep up their perfect start in qualifying? ... Read more »

First look at Marvel's Karen Gillan in new sci-fi movie

Former Doctor Who star Karen Gillan’s arch-nemesis isn’t the Weeping Angels or the Daleks in the first look at new movie Dual — it’s herself! Marvel star Karen gets to ... Read more »

Gio must sanction move for £23k-p/w "fantastic talent", he won't cost Rangers a penny - opinion

© Provided by Football FanCast longstaff-newcastle-rangers-van-bronckhorst-premier-league Giovanni van Bronckhorst’s Rangers side have been touted as a potential destination for a top-flight central midfielder at the end of the season. The ... Read more »

Warzone changes, Caldera and Vanguard season one details revealed in Call of Duty blog

© Provided by Dot Esports The latest Call of Duty blog post has given fans more information about the upcoming Warzone Pacific map Caldera, changes coming to the battle royale ... Read more »

A guide to HIV: Top 10 facts, from prevention and treatment to a possible cure

The HIV pandemic isn’t going anywhere until a cure is found. In the meantime, these expert HIV clinicians say South Africa should protect its victories. © Copyright (c) Daily Maverick ... Read more »

Michigan school shooting: At least three dead and six wounded

© Provided by The Telegraph Michigan school shooting: At least three dead and six wounded Oxford High School At least three people were killed and six injured when a 15-year-old ... Read more »

Drag Queen Manila Luzon weighs in on cancel culture, believes it's a “mob mentality”

Drag royalty Manila Luzon expressed her opinion on Tuesday, November 23, about “cancel culture,” believing that people tend to waste time on undeserving personalities. © Provided by LionhearTV “Well, I ... Read more »

Naughty Boy: From real name to his songs, who is the I'm a Celebrity contestant?

© Provided by The Independent Naughty Boy is finally getting his time in I’m a Celebrity spotlight having pulled out of last year’s series. The music star has been announced ... Read more »

Oxford school shooting - latest: Three dead and six injured at Michigan high school

© WXYZ Screen Shot 2021-11-30 at 2.13.06 PM.png LIVE – Updated at 20:35 At least three people are dead after a shooting at a high school in Oxford, Michigan, police ... Read more »

Priyanka Chopra reveals how she and Nick Jonas make long-distance marriage work amid separation rumours

© AFP via Getty Images Priyanka Chopra reveals how she and Nick Jonas make their relationship work long distance – AFP via Getty Images Priyanka Chopra has opened up about ... Read more »

Honduras ruling party accepts election defeat

© Luis ACOSTA Honduran presidential candidate for the Libertad y Refundacion (LIBRE) party, Xiomara Castro, celebrates at the party’s headquarters Honduras’s ruling rightwing National Party (PN) on Tuesday accepted defeat ... Read more »

Commonwealth nations face hurdles to follow Barbados' republican path

© Reuters/POOL Prince of Wales attends a reception at State House in Bridgetown By Kate Chappell and Brian Ellsworth KINGSTON (Reuters) – Barbados’ declaration of a republic on Tuesday may ... Read more »

Ritshidze report reveals modest improvements at dysfunctional Gauteng clinics but nurse shortages, long waiting times persist

Although a new community healthcare monitoring report notes some improvement in filling vacancies at Gauteng clinics, concerns remain over staff shortages and the impact this has on providing quality care, ... Read more »

Spider-Man No Way Home beats Avengers and Star Wars in incredible new achievement

There is no doubt that Spider-Man: No Way Home is the most hyped Marvel movie since Avengers Endgame. With five Sony movie villains in Green Goblin, Doc Ock, Sandman, Lizard ... Read more »

FIFA 22 FUT Champions Upgrade Packs Released

EA Sports have released FUT Champions upgrade packs into FIFA 22 and fans of the game are excited to see what they get. FUT Champions upgrade packs allow you to ... Read more »

'The Great Christmas Bake Off' 2021: line-up, judges, and everything we know

© Provided by WhatToWatch The Great Christmas Bake Off 2021 cast The Great Christmas Bake Off 2021 is coming to Channel 4 so we’ll have plenty of festive bakes to ... Read more »

Complexity Gaming launches Complexity Stars, new division featuring JR Smith, Alisha Gray, Leonard Fournette, and more

© Provided by Dot Esports Complexity Gaming and its parent company GameSquare are launching a new gaming division: Complexity Stars. This division of Complexity will be used to partner with ... Read more »

All Call of Duty: Warzone Pacific modes, explained

© Provided by GamePur Despite the name change, Call of Duty: Warzone Pacific’s modes are not a major departure from what was seen in the original battle royale. Teams of ... Read more »

Aim Labs Recreates Epic Valorant Moments in New Challenges

Aim Lab has created a series of new challenges based on the most famous moments from the 2021 Valorant Champions Tour as part of an extended partnership with the Champions ... Read more »

Reef ghost kitchens make food for major chains like Burger King and Wendy's — and some insiders say they are rife with problems

© Provided by Business Insider Employees work at a Reef Kitchen in Boston. Pat Greenhouse/The Boston Globe via Getty Images SoftBank-backed Reef Technology operates hundreds of ghost kitchens around the ... Read more »

India's Best Dancer 2: Malaika Arora & Vaani Kapoor sparkling selfie is photobombed by host Maniesh Paul

India’s Best Dancer 2 has now become one of the most-watched reality shows on Indian television. Often, India’s Best Dancer 2 is visited by special guests belonging to the Bollywood ... Read more »

Winnie Harlow admits catwalk shows are 'terrifying'

© Bang Showbiz Winnie Harlow still suffers pre-show nerves Winnie Harlow visits the bathroom before every catwalk show. The 27-year-old model still suffers from pre-show nerves, despite being one of ... Read more »

How to counter Assassins in Teamfight Tactics (TFT)

© Provided by GamePur Every time assassins are included in Teamfight Tactics (TFT), there is a period where they absolutely dominate the meta. In Set 6, it comes in the ... Read more »

XSET enters Halo Infinite by signing Crowd Pleasers roster

© Provided by Dot Esports Since the incredibly successful (from an esports perspective) launch of Halo Infinite, organizations have been clamoring to claim a slice of the pie. XSET is ... Read more »

Zomato launches platform to help restaurants raise funds

© Provided by Zee Business Online food delivery platform Zomato has announced the launch of Zomato Wings, a platform to connect investors with restaurants, to help them raise funds. There ... Read more »

Trending Entertainment News Today: Nick Jonas debunks divorce rumours with Priyanka Chopra; Ranbir Kapoor kicks Alia Bhatt's lehenga and more

© Provided by BollywoodLife.com It is time to walk you through the trending entertainment news of the day. From Nick Jonas debunking divorce rumours with Priyanka Chopra by fixing her ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic