Martin Lewis has sent an urgent warning to UK homeowners not to miss out on “disappearing” mortgage deals
Mr Lewis has urged people to act quickly in order to get the best rate with lenders “repricing new deals weekly”.
Martin Lewis
Kirsty O'Connor
The Bank of England hiked interest rates to 1.25 percent last week
Yui Mok
Speaking on his MoneySavingExpert website, he said: “For those on variable rates, or with fixes soon ending (some can even lock in a deal up to six months ahead), action now to check if you can save is a must.
“Lenders are repricing new deals weekly, meaning today's rates may disappear tomorrow, so delay may be costly.”
His comments come after the Bank of England raised interest rates for the fifth time in a row last week.
The Monetary Policy Committee (MPC) of nine members voted six to three to increase rates to 1.25 percent, bringing it to the high level since 2009.
While those with fixed-rate mortgages won’t be affected until their term ends, people on variable-rate or tracker mortgages will see the changes much sooner.
Paul Broadhead, of the Building Societies Association, said: “Another bank rate rise, the fifth since December, will be very unwelcome news for many homeowners.
"With around eight in ten mortgage holders on fixed rates it will take time for these rises to be felt by most borrowers, as they will continue to pay the same each month until their current deal ends.
“Anyone who is worried about their ability to pay their mortgage should get in touch with their lender early. Lenders will do everything possible to help," as quoted by the Mirror.