Martin Lewis suggests what people with fixed-rate mortgages should do

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Money Saving Expert founder Martin Lewis told ITV’s This Morning viewers that they should consider acting now if they are on a fixed rate mortgage deal that is ending soon, however he did add a ‘caveat’. His comments came after Virgin Money, Halifax and The Skipton Building Society removed some of their mortgage deals amid rising interest rates and uncertainty in the markets.

Speaking on This Morning, Martin Lewis said millions of people could be sitting on a mortgage “ticking timebomb” and the current uncertainty in the market was “unprecedented”.

He said lots of people are worried and have been asking if they should be looking for a new fixed rate right now.

Agreeing with a concerned viewer, he said: “It is scary, it is uncertain and it’s changing by the hour,” he said. “I have to caveat that nobody really knows where we’re going right now.”

Mr Lewis said: “Anyone with a fixed rate or a standard variable which is coming to an end in the next few months should have a look and see what’s available.

“I’m not saying they should switch but they should see what’s available, talk to their existing lender and if they do decide to switch use a good, independent mortgage broker.”

More to follow…

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