Martin Lewis has issued an important warning for everyone with a mortgage.
The Bank of England is set to raise interest rates before the end of the year, causing havoc to mortgage rates.
But ahead of the expected rise, mortgage price rates currently are extremely low.
READ MORE: Vodafone announces major change affecting all customers this month
The number of deals with rates below 1% has jumped by 400% since June, which Martin described as a 'staggeringly low rate'.
But Martin predicted a 'steep' rise for those with a mortgage that isn’t locked into a fixed rate with their lender.
Martin said: "There's going to be people who will say 'if only I'd sorted my mortgage in October'...
"Everyone with a mortgage, you need to check now if your deal is improvable so you don't miss the boat if rates go up."
On his ITV show, Martin issued a three-step guide to see if you could save any money.
In his first step was to gather your mortgage information, including details of the rate, type, when the deal ends, term and switch penalities.
Then check the loan to value, which is the ratio of mortgage to property value, expressed as a percentage.
Martin said rates get cheaper at 90%, 80%, 75% until 60%.
The MoneySavingExpert founder said to then approach your lender to find the cheapest product transfer.
This is because existing lenders can forgo affordability checks and may have lower fees.
Martin's last tip was to use mortgage comparison sites to benchmark the market's cheapest deal.
But it's important to be aware that lower rates can mean higher fees, therefore Martin recommended using a mortgage calculator to compare your current deal to the proposed deal.
You can watch Martin Lewis' ITV money show here.
Receive newsletters with the latest news, sport and what's on updates from the Liverpool ECHO by signing up here
