Financial expert Martin Lewis appeared lost for words today as he appeared on ITV's This Morning to talk about increasing mortgage rates. During his time on the daytime magazine show today (September 28) hosted by Holly Willoughby and Phillip Schofield, the Money Saving Expert founder took calls from viewers in difficult financial situations.
Martin, 50, gave advice to viewers regarding the state of the UK's mortgage market following the increase of interest rates to 2.5% this week. Household bills are also due to skyrocket to a new high after last Friday's mini-budget, which included details of the new energy price guarantee.
At one point, as he appeared on the show via video link, Martin shrugged his shoulders and shook his head as he tried to find the answer to a concerned viewer's question. The question, read out by Phil, asked what people can do about ever increasing mortgage costs because many were struggling to afford their payments.
Read more: Many mortgages in Bristol will become ‘unaffordable’ says UWE expert
The query saw Martin become speechless, holding his hand to his chin. He then bleakly told viewers: "I don't know."
He added: "I mean... I just... the situation now is bad. And if those interest rates go up as they've been discussed - and it is not certain that they will but that is what markets are predicting - then we are going to have millions of people in that and we are sitting on a mortgage ticking timebomb."
The clip of Martin reacting to the question has been shared on Twitter by viewers. Phantom Power writing: "You know it's bad when Martin Lewis has no answer."
Wilsannnnn1 replied: "This might be the scariest thing I have seen of late. He looks very shook."
Andrew Gentry said: "What a surreal Martin Lewis segment on #ThisMorning 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."
"Liz Truss, Kwasi Kwarteng and Co have done so much damage in five minutes that even the great Martin Lewis is lost for solution regarding mortgages," wrote Matthew Payne. "That is a mark of how serious things are."
Juniper Keats said: "Of all the financial things I’ve heard recently, hearing Martin Lewis saying despairingly, in an answer to a viewers question, ”I don’t know” this morning shocked me."
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