Mortgage crisis: Martin Lewis’s top tip for homeowners choosing between rates

Martin Lewis has issued mortgage advice to homeowners looking at fixed or variable rates.

Speaking on Good Morning Britain on Tuesday, 11 July, the MoneySavingExpert founder advised that the “best thing” for viewers to do is to “look at their own finances.”

“If you’ve got room to pay the variable rates for a few months then you might want to do that,” the financial expert said.

Mr Lewis’s advice came as mortgage rates passed the peak seen after Liz Truss’s disastrous so-called mini-Budget of Autumn 2022.

The average two-year fixed-rate deals reached 6.66 per cent on Tuesday, figures from Moneyfacts showed.