Martin Lewis issues warning to all people in the UK with a mortgage
Martin Lewis has shared a warning to all UK mortgage holders ahead of another drop in rates.
The financial journalist, 52, has predicted that rates are on the decline following a huge increase as a result of Liz Truss' ill-fated mini-budget.
Rates could potentially lower even further before the end of the year, but Martin has warned people against taking up any tempting offers as they could miss out on savings.
The MoneySavingExpert founder issued a warning to anyone looking to secure a better deal.
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Speaking on The Martin Lewis Podcast, he advised: "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."
He 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."
Martin went on to explain why those who are eager to snap up a better deal may want to hold off, explaining how he'd spoken to experts on the subject.
"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," he went on.
"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, noone is really expecting them to be a substantial step change in rates from where they are now are they - we might go from 3.7 to 3.5 percent fix over five years."
Delaying securing a better deal might not be worthwhile if it means you have to stay on the hugely expensive variable rates for a longer period of time, however.
Martin continued: "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 so you may aswell go and get your cheap deal now anyway, because you do not want to be on the expensive standard variable."
Topics: Martin Lewis, Money
Danni King