Martin Lewis has spoken out against critics who he says are labelling him as a "prophet of doom".
It comes after he warned renters and mortgage owners that they're in for a "nightmare year", citing rising costs. Figures released by Moneyfactscompare.co.uk on Tuesday showed the average two-year-fixed-rate homeowner mortgage in the morning was 6.26 per cent, an increase from an average rate of 6.23 per cent the day before.
Meanwhile, the average five-year fixed-rate homeowner mortgage on Tuesday morning was 5.87 per cent, up from 5.86 per cent the day before. However, average fixed rates are still below the highs seen last autumn following September's catastrophic mini-budget which saw average two-year fixes hit 6.65 per cent in October.
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Posting on Twitter, Mr Lewis said: “I said on @GMB (Good Morning Britain) today, in reference to new depressing stats on the numbers struggling to pay mortgages and rent, that it’s 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.”
He added: “To try to demonise a person explaining the situation and try and knock down anyone warning people to prepare seems a dangerous precedent… I hope I try and make positive practical suggestions. I won’t wear blinkers and a gag to the plight millions are facing.”
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Not all of Mr Lewis' appeareance on GMB spelled doom and gloom. He said he didn't believe there would be a large increase in home reposessions for "two reasons".
He said: "One, because one of the agreements that was made at the meeting on Friday is banks will not look to repossess, unless the individual wants that to happen, for at least a year from the first missed payment. So there is a little bit of time being bought there.
“And two, because the courts are absolutely clogged up. Even if you started repossession proceedings now, from what I’m hearing it would take 18 months before they were heard.”
