Martin Lewis 'lost for words' on ITV This Morning as he struggles to give advice on UK mortgage market turmoil
28.09.2022 - 14:43
/ manchestereveningnews.co.uk
During a time of financial crisis there is one person that many people turn to for advice - and that is Martin Lewis. The Money Saving Expert founder often offers reliable, up-to-date guidance for those struggling in the midst of the cost of living crisis, but today (September 28) it appeared the finance guru became lost for words.
Martin joined Holly Willoughby and Phillip Schofield on Wednesday's edition of This Morning live from his home to answer questions surrounding the UK mortgage market turmoil. In recent days homeowners and first-time buyers have entered into a state of panic after Chancellor Kwasi Kwarteng revealed his and Prime Minister Liz Truss's plan for the economy.
Since the mini budget on Friday (September 23) hundreds of mortgage deals have disappeared from the market as lenders fear that the Bank of England could raise interest rates even higher to save the pound. Analysis for PA new agency found that 3,961 residential mortgage deals were available on Friday but there were just 3,596 deals available yesterday (September 27).
READ MORE: "I’d be worried if I were selling my house now": The state of Greater Manchester's property market during uncertain times
Homeowners and first-time buyers are now concerned that mortgage repayments could rise by another £100 a month adding an even bigger financial strain amidst the cost of living crisis.
During the live phone-in on the ITV news programme, caller Cheryl told Martin she was worried about being able to afford her mortgage repayments and asked: "What can I do?".
The money-saving expert was then seen shaking his head and shrugging his shoulders as he stuttered: "I don't know. I mean, I just, the situation now is bad and if those interest rates go up
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