Martin Lewis has shared crucial mortgage advice as interest rates plummet favourably for buyers during the coronavirus pandemic.

Now is the perfect time to call up your lender and look at your options, the moneysavingexpert.com founder explains on ITV’sGood Morning Britain. Asked about reducing mortgage costs, the money guru says: “Absolutely, that’s the no brainer right now.

“UK interest rates are at their lowest for 325 years, so mortgage rates are at historic low rates too.”

Talking via video link from his north London home, Martin continues: “You can get two-year fixes from 1.1%, you can get five-year fixes from 1.35%.

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“So if you’re someone who has got full income or even furlough income – although that will be factored when they look at what mortgage income you can get – and a good credit score, you should be checking right now to see if you can cut the cost of your mortgage.”

Deals are “very cheap” for those with smaller Loan-To-Value ratios who have big chunks of equity in their property, he explains.

Martin says: ”Two year fixes from 1.1 percent if you’ve decent equity and five-year fixes from 1.35 percent.”

“The big issue is one of acceptance – if you don’t have much equity in your home over, say 90%, it will be tough,” he explains.

Unfortunately, if you only have equity of 5% you probably won’t be able to get one of these deals, although it’s “worth checking”, according to Martin.

He recommends going for fixed-rate mortgages so long as you’re not planning to move home during the term because then you have the certainty of what you will pay each month.

https://www.dailystar.co.uk/