Martin Lewis has demanded the Government deletes a “nonsense” tweet on stamp duty, as he public ally disproved its content.
In a tweet The Treasury had claimed a first time buyer in London moving into a terraced house will save £11,250 on stamp duty & £1,050 on the household's energy bills.
Responding to it this morning on Twitter, the money saving expert disproved the claim with simple maths.
Mr Lewis said to his followers on Twitter: “This is nonsense.
“To make that stamp duty saving you'd need to be buying a £500,000+ property.
“With 10% deposit, cheapest fix mortgage would cost £2,400/mth (£28,000/yr). How can someone on £30k afford that?
“I am asking the treasury to remove.
“PS of course they'd never get the mortgage in the first place.”
Over the weekend Martin Lewis provided a positive update for households who earn less than £50,000 after Chancellor Kwasi Kwarteng unveiled a "new growth plan" on Friday.
Part of the "new growth plan" was to cut Stamp Duty, with the nil rate band doubling from £125,000 to £250,000.
This means 200,000 more people every year will be able to buy a home without paying any Stamp Duty at all - and the standard buyer in England will save £2,500, according to Gov.uk.
Mr Lewis said many fans have asked him if they will still get the new rates if they have exchanged homes but not "completed".
In a tweet, he replied: "In general yes, stamp duty is crystallised at completion (though there can be some exceptions - check with your solicitor)."
On Friday experts called on Liz Truss to correct her claims on TV and radio suggesting no families will have to pay more than £2,500 in energy bills every year as the new cap came into force on Saturday.
The Prime Minister repeatedly and incorrectly said no household will pay more than her energy price guarantee over the next year.
But the guarantee is based on how much energy a family uses – and half of all households are likely to face bills of more than £2,500.
Adam Scorer, chief executive of fuel poverty charity National Energy Action, said: “It’s simply not true that bills are capped at £2,500 and it’s vital that people understand that.
“The energy price guarantee is not an all-you-can-heat buffet. If you use more, you will pay more.
“Millions on tight budgets do not fit the ‘average’ tag. They can use more energy than the average because they’ve got medical conditions, larger families or really difficult-to-heat homes. They may face bills much higher than £2,500.”
Money Saving Expert’s Martin Lewis added there is “confusion” over how the cap works.
