Martin Lewis offers expert advice on whether to get a two or five-year mortgage

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.

Emphasising the significance of the topic, Mr Lewis said: "I'm going to be putting your questions to the Chancellor...and cover how to get the cheapest mortgage." He proceeded to delve into the dilemma faced by homeowners, whether to opt for a two-year or five-year fixed mortgage deal in the current economic climate.

He shared his insight, stating: "Five years tend to be a little cheaper at the moment, but then maybe you lock in at two years and the price drops." To provide a comprehensive perspective, Lewis turned to Andrew Montlake, an expert mortgage broker on his panel.

Mr Montlake explained, "At the moment two-year fixes are more expensive, so if you think rates are going to come down in two years, and if you can afford to be wrong, then a two-year might be a good place to go. A five-year could be looked at as an insurance policy, so if you are going to stay up at night