Martin Lewis was left speechless during an appearance on This Morning on Tuesday (June 27) as he answered questions from viewers. The Money Saving Expert joined Holly Willoughby and Craig Doyle on the ITV programme in a bid to give help and advice to the public amid the mortgage crisis.
After the Bank of England raised interest rates to five percent last week (June 22), many homeowners on variable rates or who are coming off fixed-rate deals are now seeing their mortgage costs soar.
The Bank hiked interest rates in the hopes of bringing inflation down, but in the already crippling cost of living crisis, many people are now struggling with increased and unaffordable monthly repayments.
Try MEN Premium for FREE by clicking here for no ads, fun puzzles and brilliant new features.
Last week Martin Lewis issued a warning that the mortgage ticking time bomb was now 'exploding' and he has since been getting an influx of worried homeowners asking for help.
Appearing via a video link from his home, the money-saving guru answered questions from This Morning viewers which were being read out by Holly and Craig, but one question in particular caught him off guard.
Sign up to our weekly property newsletter by clicking here
Holly read out a question from a viewer named Lorraine which explained, "I've been on an interest only mortgage for years, but the bank has never informed us. What can we do? We are so worried we are going to lose our house."
Martin could be seen looking perplexed and after a moment of silence he responded: "Gosh. I'm not sure I know what to say.
"You're on an interest only mortgage, I'm somewhat confused over the question.
"I don't know whether you are saying that you were meant to be on a repayment mortgage and you've only discovered you are on an interest only mortgage, or that you want to change to a repayment mortgage. Or, you've just only realised the fact.
He continued: "If it's one of the first two and you think you're on the wrong mortgage then you need to talk to the mortgage lender and make a formal complaint."
Taking to his Twitter account after the programme, Martin told his 2.2 million followers: "Not often I'm lost for words on air. Yet I admit i was a bit baffled how to answer a question read out on #ThisMorning about a couple who've only just found out/realised the mortgage they've had for 40yrs was interest only.
"Details were scant so it was tough to work out what to say other than to point them to get 1-on-1 help."
Earlier, Martin also tweeted to address critics labelling him a 'prophet of doom'.
Martin said: "I said on GMB today, in reference to new depressing stats on the numbers struggling to pay mortgages and rent, that its going to be a nightmare year for some.
"I've seen a few references here calling me a "prophet of doom" the same attack phrase used by some last year when I was warning we needed energy intervention, again based on known facts of huge impending price hikes (eventually govt intervened so they 'only' doubled not trebled).
"To try to demonise a person explaining the situation and try and knock down anyone warning people to prepare seems a dangerous precedent.
"Advance warning, and raising the issue publically, helps both individuals prepare and puts pressure on policy makers to act before it happens, rather than leave it until it's too late. I hope I try and make positive practical suggestions. I won't wear blinkers and a gag to the plight millions are facing."
Want to feature your home in our Where I Live series? If so, please email your details to phoebe.jobling@reachplc.com.
