Martin Lewis was left at a rare loss for words on This Morning after a desperate viewer asked for advice on their mortgage.
The financial expert appeared on the ITV show to discuss the impact of rising interest rates following the Tories ’ mini-Budget, warning that they would be “catastrophic” for many in the UK. Homeowners have been warned that they could face paying up to £10,000 a year more on their mortgage if interest rates continue to rise.
As Holly Willoughby and Phillip Schofield read out questions from viewers at home, one person asked Martin what she could do as she was worried about being able to afford her mortgage repayments, the Manchester Evening News reports . But the MoneySavingExpert founder was left unable to issue advice.
READ MORE: This Morning viewers 'despair' at Christmas segment featuring £335 advent calendar
“I don’t know,” Martin admitted after a long pause, shrugging his shoulders. “I mean, I just… the situation now is bad.
“And if those interest rates go up as it's been discussed - and it is not certain that they will, but that is what the markets are predicting - then we are going to have millions of people in that [situation] and we are sitting on a mortgage ticking timebomb,” he warned. He added: “I’m not going to answer that question for the moment.”
As he responded to other questions from concerned viewers, an emotional Martin admitted that the country is facing “incredibly uncertain times” with the financial climate, The Mirror reported . “It is scary, it is uncertain and it is changing by the hour,” he said.
The expert explained: “Interest rates are going to go up and go up severely very, very soon. They are predicting interest rates of nearly six per cent by next spring - that would be catastrophic for many.”
He advised homeowners with a variable or fixed rate that is due to come to an end within the next few months to “look today to see what is available”. Martin also urged in the latest MoneySavingExpert newsletter : “If your fix ends before March 2023, check deals now, as rates are likely to rise further, and today's rates may soon disappear.”
READ NEXT:
-
This Morning's Holly Willoughby voices grave concerns for guest as she urges them to 'stay safe'
-
From Universal Credit to PIP - the DWP benefit payments and money changes due this week
-
Energy bill discount text scam warning - here's what you need to watch out for
-
Thousands more to get £400 energy rebate including tenants who pay all-inclusive bills
-
10 major money changes in October including energy bill discount and benefits
