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Martin Lewis shares three tips to secure cheapest mortgage deal as lenders slash rates
The Independent
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1/24/2024
Martin Lewis shares three tips to secure cheapest mortgage dealSource: The Martin Lewis Money Show, ITV
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00:00
Put in 5% is what you're going to pay.
00:02
4.7%, 5%, pretty reasonable.
00:05
And then let's say you're coming off 2%-ish cheap fix, which
00:08
is what many people were on.
00:10
You're going to pay roughly 150 pounds more a month
00:14
per 100,000 pounds of outstanding mortgage.
00:17
So if you've got 200,000 pound mortgage,
00:19
that would be 300 pounds a month more.
00:20
That's just scale of magnitude of the amounts
00:22
that you're going to pay more.
00:24
And you need to prepare your budget to do exactly that.
00:27
The second thing I want everyone to do,
00:29
and if you're already within it, you get on with this quicker,
00:31
is diarize six months before the fix ends to start looking.
00:35
Why?
00:36
Because in the mortgage charter that
00:37
was launched last year that many people will
00:39
know I was behind pushing for-- and just as an aside,
00:41
if you're struggling on your mortgage,
00:43
they now have tools that are able to help
00:44
you talk to your lender.
00:46
But within that mortgage charter was also the rule
00:49
that your lender should offer you product transfers--
00:51
new deal, same lender--
00:53
up to six months before your fix ends.
00:55
Now, if possible, my third rule for this
00:58
is put any spare cash you have aside now
01:00
to reduce your future mortgage.
01:01
If you've got an expensive mortgage,
01:03
lower the amount on the mortgage.
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