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 on Tuesday that he had previously highlighted a ‘mortgage ticking time bomb’ to Chancellor Jeremy Hunt at a ‘mortgage summit’ in December last year.
He added: “But the big problem for me is they haven't made that easy. And what I was suggesting in that meeting is, first of all those things need to be made reversible, so you know that if you can do it temporarily you can go back without a problem. That isn't the situation. "You do that by giving people less disposable income, so in a way, putting interest rates up is having the desired effect by squeezing people on mortgages.
He warned: “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 that you have to come up with the plans and put some of the mitigation measures in place before you get to the crisis.