Martin Lewis slams government's 'nonsense' first-time buyer advice on ITV Good Morning Britain as he sets record straight
manchestereveningnews.co.ukMartin Lewis has set the record straight after the government released some 'irresponsible' advice for first-time buyers. The Money Saving Expert founder was back at the helm of Good Morning Britain alongside Susanna Reid on Monday (September 3) to offer his expert advice in a special cost of living episode.
Ever since the mini budget was announced on September 23, worry has mounted amongst homeowners and first-time buyers. Mortgage lenders have been wiping deals off the market following predictions that the Bank of England could raise interest rates to as high as 6 percent, with a record loss of 1,621 mortgage deals in less than a week, reports PA news agency.
As homeowners fear their mortgage repayments could rise by another £100 a month, first-time buyers are now worried that they will no longer be able to afford a home as rising mortgages could price them out of the market. READ MORE: Martin Lewis 'lost for words' on ITV This Morning as he struggles to give advice on UK mortgage market turmoil During his co-hosting role on the ITV programme, Martin Lewis addressed a 'nonsense' message that the Treasury had put out to first-time buyers.
As part of the mini budget, Chancellor Kwasi Kwarteng announced a cut to stamp duty tax with the threshold for first-time buyers increasing from £300,000 to £425,000.
