Martin Lewis said a 'huge payment shock' is coming for everyone with a mortgage and has dated exactly when it will hit households. The Money Saving Expert founder said he is working with banks and the UK Government to try to find some fixes before the worst of the crisis comes.
Speaking on his Martin Lewis Podcast, he told listeners that there will be a 'huge mortgage shock' in the spring when interest rates peak and mortgage borrowers come off their previous fixed terms. He said: "Martin Lewis said: “Those who already have mortgages are gonna face ‘huge payment shock’ when their current mortgages end and they’re moved onto far higher rates.
“That’s likely to peak in the spring, when it’s thought, and nobody truly knows, interest rates will be at their high. We all know interest rates go up and mortgage costs go up. There are a huge number of people whose fixes will be ending next year, and whose fixes are ending right now and they will all be seeing huge rises."
