• News
  • Life
  • TV & Film
  • Beauty
  • Style
  • Home
  • News
    • Celebrity
    • Entertainment
    • Politics
    • Royal Family
  • Life
    • Animals
    • Food & Drink
    • Women's Health
    • Mental Health
    • Sex & Relationships
    • Travel
    • Real Life
  • TV & Film
    • True Crime
    • Documentaries
    • Netflix
    • BBC
    • ITV
    • Tyla Recommends
  • Beauty
    • Hair
    • Make-up
    • Skincare
  • Style
    • Home
    • Fashion
    • Shopping
  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • LADbible
  • UNILAD
  • SPORTbible
  • GAMINGbible
  • UNILAD Tech
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
Threads
TikTok
Submit Your Content
Martin Lewis's Urgent Warning To Mortgage Owners Amid Cost Of Living Crisis

Home> News

Updated 16:52 6 Apr 2022 GMT+1Published 11:02 24 Mar 2022 GMT

Martin Lewis's Urgent Warning To Mortgage Owners Amid Cost Of Living Crisis

The money saving expert has issued a warning as the cost of living soars.

Gregory Robinson

Gregory Robinson

Martin Lewis has issued an important warning for mortgage owners, as the cost of living continues to soar.

Writing in a recent edition of his Money Saving Expert newsletter, the finance guru has urged homeowners to consider locking into a fixed rate.

He also warned that mortgage rates are predicted to increase, as the cheapest fixed deals are now double the rates reported in October last year.

Martin Lewis has urged homeowners to consider getting a fixed rate mortgage. (
Alamy)

In comparison to October 2021, when there were over 50 mortgage deals below one per cent, the cheapest rate now is 1.79 per cent.

This increase equates to an extra £800 a year on a mortgage costing £150,000. The Bank of England announced in March it will increase UK interest rates from 0.5 per cent to 0.75 per cent and Martin said that as a result of this increase, "things are likely to get worse".

He explained that while mortgage rates have increased, in a historical context the rates are still "cheap" and mortgage owners should take action sooner rather than later if they can.

The Bank of England announced changes to their interest rates this month. (
Alamy)

Anyone who has a mortgage which has not been locked into a "decent rate" for the foreseeable future, should now check to see if there are any better deals out there, even if your deal ends in the next six months.

The cost of living has surged in the last few months, with Brits struggling to pay their energy bills as well as steep increases in food and petrol prices.

Inflation reached 6.2 per cent in February, the highest level in three decades, according to figures from the Office for National Statistics.

Martin Lewis has given lots of tips amid the cost of living crisis. (
ITV)

Energy bills are set to rocket in price, with Ofgem's price cap rising from £1,277 to £1,971 next month. This means the average household bill could be increasing by around £693 per year.

Martin has issued a series of updates to help people meet the costly demands of living, including tips for those who pay their energy bills via direct debit. You can read his advice here.

Featured Image Credit: moneysavingexpert.com/Shutterstock

Topics: Home, News, Martin Lewis, Money

Gregory Robinson
Gregory Robinson

Gregory is a journalist working for Tyla. After graduating with a master's degree in journalism, he has worked for both print and online publications and is particularly interested in TV, (pop) music and lifestyle. He loves Madonna, teen dramas from the 90s and prefers tea over coffee. Get in touch [email protected]

X

@GregoryJourno

Choose your content:

8 hours ago
9 hours ago
  • 8 hours ago

    Ivanka Trump follows in dad Donald's footsteps with surprising career move after previously making feelings clear about his presidency

    The New York businesswoman previously insisted she had no intention of joining her father in the White House

    News
  • 8 hours ago

    Pippa Middleton broke major rule at Wimbledon and was refused entry into Royal Box with Kate

    It comes as the London-based tennis tournament kicked off earlier this week

    News
  • 9 hours ago

    9-year-old girl dies after being left in extremely hot car for six hours while mum was at work

    The 36-year-old Texas mother has since been detained

    News
  • 9 hours ago

    Study claims certain blood types have increased risk of common cancer that is rapidly increasing among young people

    The 2022 study investigated the possible link between the different blood types and colorectal cancer

    News