Everyone in UK with a mortgage issued warning about date to look out for

Financial oracle Martin Lewis has revealed the date which he thinks everyone with a mortgage in the UK should be aware of.

Aspiring homeowners were dealt a crushing blow back in late 2022 when former Conservative Prime Minister Liz Truss (remember her?) sent the economy into chaos with her disastrous mini-budget, which ended with a spike in interest rates and a vacancy at Number 10.

Two years on and we're still feeling the impact of her economic plans, with real estate company Foxtons even claiming the market is still suffering from the mini-budget.

But fear not, as there may be in an end in sight - at least according to money saving expert Martin Lewis.

Fluctuating mortgage rates can often be a nightmare to deal with (Getty Stock Images)

Speaking on The Martin Lewis Podcast, the financial journalist has urged homeowners against signing their name on the dotted line just yet as rates could be set to tumble very soon.

"The market is saying, we think interest rates are dropping and dropping longer in the long term, so we've seen fixed rate mortgages come down," Lewis explained.

He continued: "So, as mortgage rates come down, it's starting to look like those people who are on standard rates or who are coming off their fixes are going to be able to get decent deals.

"The big question people would ask is, should I fix now or should I wait cos it might get even cheaper?

"I've spoken to a lot of mortgage brokers about this and most people are saying while mortgage rates may shave down towards the end of the year, no one is really expecting them to be a substantial step change in rates from where they are now are they."

So when is the fabled date we should all be holding out for? Well, that would be November.

However Lewis has now shared his advice for homeowners (ITV)

Explaining where the November date came from, Lewis added: "The consensus is they think we'll have a rate cut in November that's not a prediction, that's what the market thinks at the moment, things can change, and some of that has already been priced into the market now."

However, he warned those on a variable mortgage against waiting too long, as rates will inevitably rise again.

"If you wait there may be a small marginal gain, but if you're waiting and the fix has come to an end, then the small gain in waiting is massively outweighed by the cost of the variable rate," he said.

"So you may as well go and get your cheap deal now anyway, because you do not want to be on the expensive standard variable."