Martin Lewis urges homeowners to check their mortgages – you could save thousands in save


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MONEY Saving Expert founder Martin Lewis urges anyone with a mortgage to check the fine print – they could be missing out on the deal of a lifetime.

Martin says new mortgage contracts are lower than ever, with two-year fixed-term contracts down to just 0.95% and even five-year contracts down to 1.17%.

The cause is extremely low interest rates and banks looking to borrow cash built up by savers during the pandemic.

On the MDSE website, Martin writes: “The result is fierce credit competition for the best customers.

But Martin says you have to be quick: “The stamp duty deadline and the boom in home buying mean that brokers, lenders and lawyers are in massive demand for lending. That means things are taking longer, sometimes months right now.

“Those who have fixed or discount contracts this year should be careful. When they end, you will usually encounter the lenders’ much more expensive Standard Variable Interest Rates (SVRs).

“To avoid this, you need to start earlier than normal, 3 to 6 months before the end, especially if you are self-employed or have complicated circumstances.”

Read Martin’s blog on MSESE here

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