Money Saving Expert founder Martin Lewis has warned anyone with a mortgage that they’re facing a massive ‘payment shock’ when their fixed deals come to an end - or if they’re on a tracker. Millions of families around the country are enduring financial problems due to soaring interest rates for their home repayments.
Some will be left unable to pay with pressures such as feeding their families and paying for power in the winter all vying for shrinking funds. Mr Lewis said he was set to take part in a mortgage summit with Chancellor Jeremy Hunt and various bank chiefs to discuss measures to help people.
These could include allowing families to take mortgage holidays, being more flexible to change interest only temporarily or scrapping stress tests at seven per cent that stop people borrowing at four per cent and end up leaving them at six per cent instead, Yorkshirelive reports.
