Martin Lewis has issued an urgent scam warning after a fake video of the money expert was shared online.
Martin Lewis' warning to millions of homeowners as mortgage ticking time bomb is 'exploding'
20.06.2023 - 12:43 / manchestereveningnews.co.uk
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 (June 20) to give viewers the latest on the mortgage crisis and offer advice to people who may be struggling.
The money-saving guru, 51, who also has his own ITV show titled The Martin Lewis Money Show Live, appeared via a video link to speak to hosts Susanna Reid and Richard Madeley about the impact of rising interest rates on homeowners.
In a previous appearance on the ITV breakfast show, Martin told viewers that there was a "mortgage ticking time bomb”, but after recent events, he warned this is now "exploding" and that the impact of it will be a "nightmare."
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Speaking to the GMB co-hosts, Martin said: “I’m afraid that time bomb is now exploding.”
The financial journalist explained that if interest rates are going to be high over three or four years, people are going to have to readjust their finances. He also said that he could not see a mortgage rescue package being brought in.
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.
The average five-year fixed-rate deal is now 5.72 percent, which is up from an average rate of 5.67 percent on Monday.
The choice of mortgages available has also shrunk since Monday, with 4,641 residential products available, down from 4,683 on Monday.
Martin told Good Morning Britain viewers how he had given his initial views during a mortgage summit held by Chancellor
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