Mortgages

Martin Lewis offers ‘big tip’ to homeowners in search of lower mortgage rates


Money-saving expert Martin Lewis has explained how homeowners can save money long-term and secure lower interest rate deals.

He was joined on his podcast by Andrew Montlake, managing director of the mortgage brokerage Coreco, as they discussed how Britons can “beat the current mortgage mayhem”, reports the Daily Express.




When asked about securing the best rate on the market, Mr Lewis stressed the less people borrow, the better.

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He explained that if people still owe more than 60 percent of their home’s value on a mortgage, the more they can do to drop a Loan To Value (LTV) band, the cheaper their remortgage will be.‌

The main bands where interest rates really drop are at 90 percent, 80 percent, 75 percent and 60 percent LTV.

Mr Lewis said: “It’s important to say to people the real key when it comes to getting a mortgage is the less you’re borrowing the better until you get to that 40 percent level. But every five or 10 percent more deposit you have up to 40 percent can give you a better mortgage.”





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