Last week, the Bank of England hiked interest rates for the tenth time in a row, putting even more pressure on households amid the ongoing cost of living crisis. Decision makers on the Bank's Monetary Policy Committee opted to hike the base rate from 3.5 per cent to 4 per cent, to help bring double-digit inflation under control.
The consumer champion shared the practicals of getting a mortgage deal - for people remortgaging and trying to get a new deal on the same property - after one viewer for in touch with the ITV show to ask Martin whether he should dip into savings to pay his mortgage as his current fix ends in a couple of months.
“The problem with current value is that as house prices go down, your Loan To Value goes up. Rates get cheaper at 90 per cent, 80 per cent, 75 per cent until 60 per cent - remember, lower LTV is better.” He also explained: “Existing lenders can forego affordability checks, many have lower fees and they’re becoming a lot more competitive towards their existing customers.Martin went on: “I call that an insurance deal, so let’s say you can get a deal now.
Ian wrote: “I followed your advice on 1st Dec 21, I fixed 5 months early and secured a 5 yr fixed at 1.29%. SO GLAD I DID. If I can continue to overpay, I'll be clear before the next time it needs renewing too. Wish me luck. THANKS TO YOU AND YOUR TEAM!”
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