MARTIN Lewis has urged UK homeowners to act now and save up to £560 every year.

The MoneySavingExpert told homeowners they could save hundreds on their mortgages if they jump on a new deal now.

In the latest MoneySavingExpert newsletter homeowners were told how following a simple tip could save them £47 a month, and up to £560 a year.

All they have to do is check if they can get a cheaper mortgage rate now.

The newsletter said: “If you fixed while rates were at their peak, check now whether you can get a cheaper deal. Most lenders let you cancel without a fee, provided your new mortgage hasn't started yet.”

Elsewhere in his newsletter, Mr Lewis said he was “concerned” for mortgage holders.

He warned rising energy bills, inflation and interest rates could bring a “perfect storm” in spring, and also warned of the impact it would have on renters.

Mr Lewis said: “I had a one-on-one with the Chancellor early last week, and this was one of the things discussed.

“On mortgages, I suggested that some lender and regulatory changes could make things easier (eg, softening remortgaging affordability checks, making it easier to change mortgage term, take payment holidays, temporarily switch to interest-only).

“And of course, this impacts renters too, as many rents are impacted by the mortgage costs of landlords.

“On the back of that, he wants to get me, him and others together with lenders soon, to discuss this in more detail.”