Martin Lewis issues warning to homeowners over 'dangerous' mortgage error

“I do worry about the concept that has people saying to me, ‘I’m going to wait until rates go back to normal’ and I think that’s a really dangerous thing to say," he told ITV.

“What is tough for anybody under the age of 35 to understand is the last 15 years has been an anomaly.

“If you look at a historic context, where rates are now is normal so there is no guarantee that interest rates will go down to those super low levels.

“I’m not saying they won’t, but you can’t say they must.”

Lewis said his best advice for homeowners is to look at their finances to see how much they can afford to put towards their mortgage each month.

He added that Britons should consider looking for deals they can afford and check they can lock in that rate.

“If surety is most important to you, then fix. If you have room to pay the variable rate for a few months then you might want to do that, but there is a risk things will get more expensive.

“The advantage here is a mortgage charter brought it yesterday.”

The Money Saving expert also reminded Britons that they now have a right to get a mortgage transfer with their bank.

Customers coming to the end of a fixed-rate deal will have the chance to lock in a new deal up to six months before.

Currently, the UK base rate stands at five per cent, however, the market predicts they could rise to 5.5 per cent.

Speaking about the predictions, Lewis said: “Rates could possibly get higher than they are.

“If you look right now, a five-year mortgage is cheaper than two-year mortgage and a ten year mortgage is cheaper than a five year mortgage.

“It’s because they predict the long-term interest rates will come down so there’s certainly value in fixing longer or relative value in fixing longer.”