Martin Lewis' warning to millions of homeowners as mortgage ticking time bomb is 'exploding'
Martin Lewis has warned millions of homeowners that the mortgage ticking time bomb is now 'exploding'. The founder of Money Saving Expert made an appearance on Good Morning Britain on Tuesday to give viewers the latest on the mortgage crisis and offer advice to people who may be struggling.
Martin issued his warning as figures from Moneyfactscompare.co.uk showed the average two-year fixed-rate residential mortgage rate on the market jumped to 6.07 percent on Tuesday, from 6.01 percent on Monday. “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," he said.
“And second, they need to look at minimising the impact on people’s credit scores, because that puts people off taking a form of action, it scares them that they’re going to be disenfranchising themselves from other forms of borrowing for six years, but again, that hasn’t happened.Martin continued: “It’s about giving people flexible tools, and this is really important, because ultimately there is very little that we can do to protect people.
“And what we saw last winter and will continue to see is energy bills being so high… is effectively taking money out, disposable income out of the lowest and low to middle earners. “We’re heading for trouble. And I think the whole point of what I called for last October and why we had the meeting in December was the idea was you have to come up with the plans and put some of the mitigation measures in place before you get to the crisis.
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