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.