Martin Lewis has warned that anyone with a mortgage could face a "huge shock" when it comes to their repayments next year as he met with bank bosses to push for relief for households.
The MoneySavingExpert founder attended a Mortgage Summit with lenders and the Financial Conduct Authority (FCA) in Downing Street on Wednesday, after expressing "great concern" over what would happen to mortgages in the spring to chancellor Jeremy Hunt. Ahead of the meeting, Martin addressed listeners on the latest episode of The Martin Lewis Podcast to explain what is set to happen for anyone with a mortgage.
Martin explained that mortgage holders will face a "huge payment shock" if their current mortgage is set to end in the coming months, as they are likely to be moved onto "far, far higher rates" next year. Mortgage rates are expected to peak in the spring of 2023, Martin explained, when it's thought that interest rates will be at their highest.
