蜜芽传媒

Personal finance expert Martin Lewis explains what the recent rise in interest rates means, along with his four-step process to finding the cheapest mortgage deal.

鈥淭he 0.25% base rate increase will feed through into most standard variable rates by next month鈥�, which translates to a universal increase of 拢12 per month, per 拢100,000 borrowed.

Martin recommends four simple steps to securing an all-round mortgage deal:

Step 1: Check existing lender鈥檚 current deals; 鈥渋t鈥檚 a good place to get a benchmark number鈥�

Step 2: Go onto a best buy comparison site; 鈥渟ee what the best option is for the level of borrowing that you鈥檝e got鈥�

Step 3: Calculate how much the saving is

Step 4: Go to a mortgage broker

This content is originally from Nihal Arthanayake on 11 May 2022.