Martin Lewis has said a mortgage ticking time bomb that he previously warned about is now exploding. The consumer champion told ITV's Good Morning Britain (GMB) on Tuesday that he had previously highlighted a ‘mortgage ticking time bomb’ to Chancellor Jeremy Hunt at a ‘mortgage summit’ in December last year.
The founder of MoneySavingExpert.com said that if interest rates are going to be high over three or four years, people are going to have to readjust their finances as he could not see a mortgage rescue package being brought in by the UK Government.
He explained to GMB hosts Susanna Reid and Richard Madeley how he had given his views during the mortgage summit last year. He said: "I talked about banks increasing their margins, in other words they're putting mortgages up and they're not putting savings up by as much, so they make more money.”
