Martin Lewis on whether to buy a property now – ‘I can’t promise it will be perfect’
Martin Lewis on whether now is a good time to buy a house
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Martin Lewis was joined by Angellica Bell once again on tonight’s episode of The Martin Lewis Money Show. The founder of MoneySavingExpert.com discussed “the end of uber cheap mortgages” on the show. On Sunday, the Bank of England’s Governor Andrew Bailey said it will have to act over inflation.
It’s likely that means UK interest rates will rise soon which means everyone with a mortgage needs to check their deal to see if it’s improvable.
While discussing the cheapest switchable deals below one percent interest, Angellica shared a viewer question.
She said: “I’ve got a question here from Jan.
“She said, ‘my daughter has a good deposit and mortgage in principle, is now a good time to be buying her first house?’”
Martin said he felt slightly caught out by the question because he was discussing remortgaging for people with existing mortgage deals.
He said: “Well, I feel you’ve caught me here because I’ve slightly copped out in this show.
“I’m talking about remortgaging – people with existing mortgage deals.
“Because definitely it’s a good time to get a mortgage, but it being a good time to get a mortgage is not the same thing as, ‘is it a good time to buy a house’ because that involves house prices.
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“Of course, if interest rates go up and mortgages are more expensive, then house prices might be affected by that.
“I could only really answer that question in four years time.
“If I had a crystal ball and in four years time I look back with hindsight – and I can’t do that.
“But what I would say is if you’re buying an affordable property, you’re fixing so you have certainty of what you’re paying, it’s somewhere you’re going to live for a long time, then forget the externalities.
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“If you can get a cheap mortgage and you can afford it, then you may as well go on and do it.
“But I can’t promise it will be the perfect decision if you look back in the future.”
The average cost of a UK home increased by £25,000 in the last year to August, according to the Office of National Statistics (ONS).
The average price of a property in the UK is now £264,000.
Meanwhile, average house prices in London hit a new high of £526,000.
It’s thought the stamp duty holiday and high demand for homes has boosted the UK’s housing market.
Martin also discussed how to get half price toys and the best value advent calendars.
The Martin Lewis Money Show is available to stream on the ITV Hub
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