Martin Lewis has warned that the mortgage ticking time bomb is currently exploding.
The MoneySavingExpert founder told ITV's Good Morning Britain: "I'm afraid that time bomb is now exploding," citing how people will have to readjust their finances should interest rates continue to be high over a three or four year period.
He also said that he couldn't see a future mortgage rescue package being brought in, as millions of Britons struggle to pay their bills through the current cost of living crisis. Martin made the comments as figures from Moneyfactscompare.co.uk showed that the average two-year rate had jumped to 6.07% from 6.01% yesterday.
