Martin Lewis urges households to make simple check that could save you 'thousands'
Mr Lewis gave out the tip in his latest Money Saving Expert newsletter
Martin Lewis has told households to make an easy check that could save you “thousands”.
Mr Lewis has told people to check their mortgages following a 0.25 percent increase in interest rates last week.
The Money Saving Expert said that those people currently on variable tariffs now have around a month to find a cheaper alternative, while those on fixed rates that expire soon could also look for a better deal elsewhere.
Mr Lewis said in his latest Money Saving Expert newsletter: “The cheapest rates have disappeared – if your fix ends soon-ish or you're on the standard rate, check now if you can save.
“The 0.25 percent point base rate increase will likely take a month to feed through to most standard variable rates (SVRs), though some tracker rates have already gone up.
"It will add roughly £12/month per £100,000 of mortgage.
"With further rate rises predicted, and many lenders' default standard variable rates heading to five percent, checking if you can save by changing deal is a must-do.
"You may not save as much compared to a few months back, but compared to doing nowt, switching could still help you save thousands."
David Hollingworth, associate director at L&C Mortgages, told the Mirror: “The market is moving at breakneck speed as lenders try to manage their product ranges and lending volume, often resulting in products lasting days rather than weeks.
“That presents a real challenge for borrowers trying to keep on top of market movements but with continuing increases in mortgage rates it’s all the more important for borrowers to keep a tight rein on their mortgage."