Martin Lewis urges homeowners to do these 3 things before mortgages soar

Some mortgages could go up in price if the base rate of interest goes up on 4 November (image: Shutterstock)

Martin Lewis has issued an urgent warning to homeowners to do three key things amid concerns interest rates could soar in November.

Speaking on his ITV show - The Martin Lewis Money Show Live - on Thursday (21 October), the MoneySavingExpert explained how homeowners could end up paying more if interest rates rise.

Personal finance and money experts have predicted that the Bank of England will raise the so-called base rate from 0.1% to 0.25%.

This rate is what you pay for borrowing money, and what banks pay you for saving money with them.

If the base rate goes up, people with a tracker and variable rate mortgage - where your rates go up and down - could be set to pay more as they’d see their mortgage bills rise in line with interest rates.

It has been at 0.1% during the pandemic because of the expected economic downturn in the wake of the Covid-19 pandemic.

What did Martin Lewis say?

Martin Lewis explained that mortgage rates are currently at an all-time low, with the cheapest fixed deal being 0.84%.

This means those who can immediately lock into a fixed deal - where your rate is set for a period of time - may find they can avoid paying more.

Mr Lewis said: “UK interest rate rises are likely coming and coming soon, so this is a clarion call.

“Everyone with a mortgage, you need to check now if you’re on the best deal before it is too late.”