Financial guru Martin Lewis has appeared on Good Morning Britain today to urge people to check their mortgages as you could save thousands.
The MoneySavingExpert.com founder explained on the popular ITV show that due to an uncertain economical climate, mortgage rates are at the lowest they've been since 2017.
This means you could be missing out on cheaper rates.
"Mortgage rates are at rock bottom right now,” Martin said.
“Let’s call this the silver lining of economic uncertainty.
“What’s going on in the UK and the world right now means long term prediction of interest rates have dropped and those are the ones mortgage rates are set on,” he explained.
He pointed out the lowest two-year fixed-rate mortgage is just 1.05% at the moment, while there are five-year deals for 1.44%. That's the lowest they've been since 2017.
In fact, there's even a deal for less than 1% - a two-year tracker charging just 0.98% interest.
As detailed on MoneySavingExpert.com, it's worth remembering that the lowest rate don't always mean they're the cheapest when it comes to mortgages. There are various charges and factors meaning they might not be right for you.
That said, Martin still recommends people check their mortgage to see if you can save.
“My clarion call to everybody out there is you need to check your mortgage now to see if you could get a cheaper deal,” he told GMB viewers.
Martin pointed to one money saver, who's just made a saving of £160 a month on a new five-year deal.
"Nearly £10,000 saved over the fixed period. Wow," he tweeted to Martin.
For more money saving advice and information on the best mortgage rates, head to MoneySavingExpert.com.
Good Morning Britain airs weekdays from 6am on ITV.
