Martin Lewis warns that quick action is needed over soaring mortgage rates amid a "ticking time bomb".
The finance guru fronted today's edition of Good Morning Britain alongside Susanna Reid. The Money Saving Expert founder joins the ITV news programme each Monday to give financial advice to people amid the cost-of-living crisis.
Discussing rising mortgage rates on today's show, he explained that banks are now making a lot more money and should be doing more to help those who are struggling to pay.
READ MORE: UK households to see £1,450 wiped from bank accounts
Mr Lewis added: "Now, if they can do that by Christmas, by Christmas it needs to be done, then we probably won't need a bailout next year - next spring - if interest rates go up as predicted.
"But if they don't get their skates on and do it quickly then we may be in the position, like with energy where the warnings weren't heeded in time, is that we'll have to throw money at it. There is time. If you are watching, this is proper serious."
Mr Lewis went on to implore the government to do something. He added: "The governor, of the Bank of England, government, regulator, you need an emergency mortgage plan NOW - otherwise there is a ticking time bomb. That is my opinion."
Many mortgage lenders have withdrawn their deals from market amid concerns that the Bank of England will raise interest rates to as high as 6%, which would increase mortgage repayments by hundreds for many homeowners.
Good Morning Britain airs weekdays from 6am on ITV and the ITV Hub
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