Consumer champion Martin Lewis has said it will be a “nightmare year” for some, as people deal with rising mortgage or rental costs. The MoneySavingExpert.com founder said he expects to see increases in mortgage arrears and some people selling up.
He also said he is “very worried” for renters, adding that the rules for renters need to be looked at. Mr Lewis told ITV ’s Good Morning Britain: “It’s going to be a nightmare year.”
A new mortgage charter has been agreed by lenders representing around 85% of the mortgage market, following a meeting between Chancellor Jeremy Hunt and banks on Friday last week. Under the charter, lenders will allow customers who are up to date with their payments to switch to interest-only payments for six months or extend their mortgage term to reduce their monthly payments.
