Martin Lewis highlights ‘exact time’ to find new mortgage deal | Personal Finance | Finance

Martin Lewis has issued a message to people to act six months early when their mortgage contracts are due to end. The finance star plunged into the world of mortgages in the latest instalment of The Martin Lewis Podcast.

He invited in a special guest as they dealt with questions from fans piled in on whether they should fix their new deal or wait for potentially better offers on the horizon.

Andrew Montlake, managing director of Coreco, said it largely depended on individual circumstances but explained his company begins discussion with their clients 6 months before their existing contract ends.

Martin excitedly chimed about the “crucial” nature of these 6 months.

He urged listeners: “If you don’t know when your rate ends, go get your diary out right now, find out when it ends and put a marker 6 months before that says: ‘Mortgage time, start sorting it now’.”

The expert Andrew agreed, explaining that at Coreco they will work with clients to lock in a fixed rate at the 6 month mark but wouldn’t hold them to this religiously.

He explained: “We would continue to review the market up until around about 4 weeks before you’re actually due to complete. You can change even if you, in principle, lock into a rate now.”

Ultimately, the mortgage expert noted that whether or not you should fix in your mortgage rate depends on your own personality and attitude towards risk.

He elaborated: “If you are worried about rates changing then potentially you can lock in now.”

Martin advised listeners to check that the fix they lock into at the 6 month mark doesn’t have “a big penalty or fee to get out of later”.

He continued: “If a better deal comes along, ditch this rate. It might cost you a small admin fee to do so but it’s small in the big scheme of things and move to the cheaper deal.”

While the experts continued to chat, the Money-Saving Expert founder highlighted that mortgage rates are expected to continue their downward trend, but that shouldn’t keep homeowners from debating their next move.

Andrew said that although a change is expected it likely won’t “massively” change the market, he explained: “Again it depends. A lot of this is already baked in.”

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