Martin Lewis’ warning to millions of homeowners as mortgages payments could rise

Martin Lewis is warning homeowners to look for cheap mortgage deals now or risk a rise in their rates.

The Money Saving Expert founder revealed how mortgage rates are at an all-time low with the cheapest fixed deal being 0.84%.

But this week, experts sent a warning about interest rates while predicting they might rise from 0.1% to 0.25% next month.

This means anyone on a tracker and variable rate mortgage would see their bills rise in line with interest rates.

However those on a fixed-rated deal wouldn't be impacted by the increase.

The Bank of England monetary policy committee, which votes on what the base rate should be, will meet on November 4.

Now writing in his weekly newsletter, Martin said: "If that comes true, it will almost kick-start an increase in mortgage rates."

He added: "EVERYONE with a mortgage should check now if your existing deal is as good as it can get.

"That applies double if you're languishing on your lender's standard variable rate."

Martin shared three tips for so you can check if you're on the best deal.

First up, you could find out what your current mortgage deal is.

Here you will need information, like your current rate, length of deal and what type of mortgage you're on.

Alternatively you can ask your existing lender about their cheapest deal.

Martin explained how this is called a "product transfer" as you're not changing provider.

Just make sure you won't be borrowing more in the long run.

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Also it's best to compare the best market deals using comparison websites.

Also you can use a free mortgage calculator to compare your lender's best rate against other deals on the market.

Martin said: "The more you value certainty and being able to stick to a budget, the more you should hedge for a fix, and fix longer.

"If you're worried about interest rates rising… then fixing is a bit like an insurance policy against this."

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