Money expert Martin Lewis has shared his valuable advice on mortgage rates for those approaching the end of their current deals.
In a special episode of his popular ITV show. The Martin Lewis Money Show, Lewis discussed the mortgage crisis and offered guidance on whether to fix rates for two or five years.
Addressing his viewers, Mr Lewis expressed his gratitude to ITV for granting them an emergency show, saying: "We signed off for the summer three weeks ago but luckily ITV gave us this emergency show." The urgency of the situation became evident as two-year fixed mortgage rates in the UK reached their highest level since the 2008 financial crisis.
According to data provided by Moneyfacts, the average two-year deal has risen to 6.66%, up from 6.63% on Monday, July 10. Mr Lewis cautioned that this increase could potentially add an extra £200 to bills.