Mortgage warning as millions face ‘big repayment shock’ within three years | Personal Finance | Finance
The financial expert said: “Look at forcing the banks with the extra money they’re making by putting mortgage rates up and not putting savings rates up, at much stronger forbearance measures for people who can’t pay.
“Now, if they can do that by Christmas, (when) it needs to be done, then we probably won’t need a bailout next spring if interest rates go up as predicted.
“But if they don’t get their skates on and do it quickly, then we may be in the position where the only way to sort this out, as we lend up with energy because the warnings were not heeded in time, is that we’re going to have to start throwing money at it.
“There is time to restart. If you’re watching: regulator, Bank of England, Government, you need a mortgage emergency plan now, or there’s a ticking time bomb in my opinion.”
Jinesh Vohra, the founder and CEO of Sprive, is advocating for mortgage holders to make overpayments if possible to beat rate increases in the months ahead.
