![Pinterest](https://pinterest.com/pin/create/button/?url=https://uknews.evprotec.com/martin-lewis-issues-warning-over-mortgage-mistake/&media=https://uknews.evprotec.com/wp-content/uploads/2023/07/0_Screenshot-2023-06-28-at-090750JPG-1.jpg&description=Speaking during a special mortgage crisis edition of his ITV Martin Lewis Money Show Live last night, Martin urged homeowners to add up all the costs before locking into a new deal Martin Lewis has urged homeowners to beware "hidden" fees involved in when swapping to a new mortgage lender. Most mortgage products will come with an arrangement fee and sometimes a booking fee. You may also be slapped with other costs, including a valuation fee, conveyancing fee or broker fee - as well as early exit fees if you're choosing to leave your current deal early. Speaking during a special mortgage crisis edition of his ITV Martin Lewis Money Show Live last night, Martin urged homeowners to add up all the costs before locking into a new deal. This applies when you come to remortgage your home. He said: 'You've got to factor in the fees, whatever fees they're charging for switching, and spread that over, say it's a five-year fix, spread it over five years. 'Especially important for smaller mortgages where the fees have a disproportionate impact.' The warning from Martin comes after mortgage rates hit the highest level for 15 years - surpassing the peak in the aftermath of the Mini-Budget. The average rate on a two-year fixed deal is now 6.66% - a level not seen since August 2008 and the financial crisis. It follows thirteen consecutive rate rises by the Bank of England, with the base rate now at 5% - adding more pressure onto squeezed homeowners. For anyone who is struggling to keep up with their mortgage payments, Martin explained the steps you need to take now. He said: "If you have serious problems or you're in arrears, please speak to your lender if you are in trouble. "Don't hide it from them. That's a mistake. "Under the forbearance rules lenders should offer you tailored support. Sheldon Mills, executive director, consumers and competition at the Financial Conduct Authority, and who was appearing as a guest on the show, also confirmed lenders should be giving people suppo){kind=link}
Speaking during a special mortgage crisis edition of his ITV Martin Lewis Money Show Live last night, Martin urged homeowners to add up all the costs before locking into a new deal
Martin Lewis has urged homeowners to beware “hidden” fees involved in when swapping to a new mortgage lender.
Most mortgage products will come with an arrangement fee and sometimes a booking fee.
You may also be slapped with other costs, including a valuation fee, conveyancing fee or broker fee – as well as early exit fees if you’re choosing to leave your current deal early.
Speaking during a special mortgage crisis edition of his ITV Martin Lewis Money Show Live last night, Martin urged homeowners to add up all the costs before locking into a new deal.