Martin Lewis advises the exact time people should look to get a new mortgage deal

The Money Saving Expert has advised Brits the exact time they should look to get a new mortgage deal, while chatting to a mortgage broker and co-host Adrian Chiles on the ITV show

Martin Lewis has highlighted the optimum moment for finding a new mortgage deal, describing it as "crucial" not to delay until the eleventh hour. This advice comes during discussions with co-host Adrian Chiles and a mortgage advisor on BBC Sounds and ITV's latest show.

The financial guru advises acting six months in advance of the termination of current mortgage deals. Speaking with Monty, a mortgage expert, Martin emphasized to Adrian and the property pundit the critical importance of this half-year period.

He instructed: "If you don't know when your rate ends, go get your diary out right now, find out when it ends and put a marker 6 months before that says: 'Mortgage time, start sorting it now'."

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Monty noted: "We would continue to review the market up until around about 4 weeks before you're actually due to complete." "You can change even if you, in principle, lock into a rate now."

He added, suggesting: "If you are worried about rates changing then potentially you can lock in now." Martin advised his audience to ensure any fix they commit to doesn't come with "a big penalty or fee to get out of later".

He elaborated: "If a better deal comes along, ditch this rate. It might cost you a small admin fee to do so but it's small in the big scheme of things and move to the cheaper deal."

Andrew chimed in, predicting changes but noting they won't likely "massively" affect the market. He explained: "Again it depends. A lot of this is already baked in."

Once you decide on the type of mortgage that suits you, such as fixed, variable, discounted, or a specialist mortgage, the next step is to explore the available interest rates. These rates are influenced by the amount of your deposit and the property's value - essentially, the loan-to-value ratio; a larger deposit relative to the property's value typically secures more favorable rates.