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:
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 as it's been discussed, and it is not certain that they will, but that is what the markets are predicting.
"If so then we are going to have millions of people in that [situation] and we are sitting on a mortgage ticking timebomb."
Martin added: "I'm not going to answer that question for the moment."
Reacting to the concerning segment, This Morning viewers took to Twitter to air their thoughts.
@Mofoman360 wrote: "I’ve seen some Martin Lewis segments on this show but today’s was up there with the most shocking when he is speechless it really is time to worry."
@andrewgentry_ said: "What a surreal Martin Lewis segment on This Morning just then. Essentially 'we're all doomed and there's nothing I can do to help'. I know it's been said before but take me back to the Precedented Times when it was just about discussing the best credit cards or cheap holiday tips."
@chrisjlatimer added: Martin Lewis is struggling for answers that’s how bad things are for people who have a mortgage", as @GemmaLorna agreed: "When Martin Lewis is saying he don’t know the answers we should be worried."
@Pinklinney tweeted: "Poor @MartinSLewis looking genuinely broken for people on @thismorning. What desperate times for so many."
Sign up to our free weekly property newsletter by clicking here
READ NEXT:
