Martin Lewis issues a ‘ticking time bomb’ warning to homeowners

MARTIN Lewis has issued a warning to homeowners telling them to act fast as mortgage rates rocket.

He described the rates quickly creeping up as a "ticking time bomb" whilst urging anyone coming to the end of theirs, to "prepare in advance". 

It comes as the cost of everything is going up, amid a cost of living crisis.

Energy bills shot up 54% just last month, with more eye-watering costs expected to hit later in the year.

Meanwhile taxes have risen and prices on the supermarket shelves shoot up as inflation hits its highest in YEARS.

Martin took to the telly again last night to quash the concerns consumers had amid the crisis, as he hosted the Martin Lewis Money Show Live.

But homeowners were interested to know how soaring inflation and more would affect their property ventures.

On the show he was quizzed about what to do about re-fixing your mortgage deal when your current fixed term expires, amid the rising costs.

The money mogul explained that six months ago, you could get mortgage deals below 1%.

But the cheapest fixes are now double that, at 2.1% he revealed.

Inflation figures hit a 40-year-high when they reached 9% in March, adding pressure to already struggling households and their finances.

And helping push up mortgage rates in a short space of time too.

The Bank of England raised the base of interest to its own 13-year high of 1%, after the warnings that inflation could hit 10% within months too.

It's a move that makes the cost of borrowing, including loans, credit cards and mortgage repayments more expensive.