Money Saving Expert Martin Lewis shares one piece of 'good news' to come out of mortgage rates crisis

Lewis said: “The one good bit of news out there is the courts are so clogged up, it’s going to be virtually impossible to repossess anyone for 18 months.

“I mean, isn’t it awful that we are looking at that as a bright spot.

“That’s the kind of situation we are in.”

Lewis’ comments came after it was announced the typical two-year fixed mortgage deal had exceeded six per cent.

The increase will likely lead the Bank of England to push ahead with its thirteenth consecutive hike to 4.75 per cent.

The average rate for a two-year fixed-rate mortgage stands at 6.01 per cent, financial information service Moneyfacts has claimed.

More than 400,000 people will see their existing fixed deals end between July and September.

Mortgages previously soared to 6.65 per cent after Liz Truss delivered her mini-budget during her short period as Prime Minister.

Chancellor Jeremy Hunt will meet with bank chiefs on Friday to discuss the mortgage crisis.

He said: “I’ll be meeting the principal mortgage lenders to ask what help they can give to people struggling to pay the more expensive mortgages and what flexibilities might be possible for families in arrears.”

However, Hunt stressed that the Government will not do anything on the lending property crisis which will “prolong the inflationary agony” of homeowners.

The Chancellor believes introducing a mortgage interest relief scheme to reduce monthly repayments could prove problematic.

Homeowners and the Bank of England will have to wait until Wednesday to see if rates could continue to soar with the official inflation rate for May due to be released.

Economists are expecting a headline rate fall from 8.7 per cent to 8.4 per cent.

Such a fall would likely not be sufficient to stop the Bank of England from raising interest rates on Thursday.