Martin Lewis teared up as he discussed how the mortgage increases could be 'catastrophic' for people.
The 50-year-old appeared on This Morning to discuss the 'incredibly uncertain times' with the financial climate.
He told viewers the increasing interest rates 'would be catastrophic' for many people.
"It is scary, it is uncertain and it is changing by the hour," an emotional Martin explained.
"I have to caveat that no one knows where we are going right now. We have yet again incredibly uncertain times."
Martin added: "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 told people with a variable or fixed rate that is 'coming to an end' in the next few months to 'look today to see what is available'.
Martin went on: "I have sat here so many times recently and said this is unprecedented, it has been unprecedented so many times I feel like it is precedented. We seem to lurch from one turmoil to a crisis to a catastrophe and back.”
Major banks and lenders started pulling deals this week, over fears for the UK economy following the Mini-Budget.
Markets were spooked after the new Chancellor Kwasi Kwarteng announced the biggest tax cuts in 50 years - alongside massively increasing borrowing.
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Since Friday, the cost of government borrowing has risen and the Bank of England will raise interest rates at the next meeting in November.
As a result, it will raise the cost of borrowing for both banks and building societies that offer mortgages.
Martin also discussed the market in the latest MoneySavingExpert newsletter.
He said: “For each 1 percentage point your mortgage rate increases, expect to pay roughly £50 more a month (£600/year) per £100,000 of mortgage debt.”
The MSE founder went on to warn how rising rates “will likely push millions renewing when their fixes end into 'can't pay my mortgage' territory”.
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