It’s not often that Martin Lewis gets stumped when it comes to money, but a viewer on today’s This Morning left him speechless.
A couple in their early 60s contacted the ITV programme for help with their peculiar mortgage issue.
After 40 years of paying their mortgage, the couple learned that they had only been paying interest and not the principal. They stated that the bank failed to notify them of the issue, and they were concerned about losing their house.
Martin was apparently caught aback when host Holly Willoughby detailed the issue to him.
Martin, 51, was originally unable to provide a remedy since he was perplexed as to what had occurred.
He replied: ‘Gosh. I’m not sure I know what to say,’ and added he was ‘somewhat confused.’
After further consideration, he added that they should file a formal complaint and seek legal counsel if they had been placed on the incorrect sort of mortgage.
Holly and Craig Doyle stepped in and assured the viewer they’d chat with them off-air to see if they could help further.
Expert in cost-cutting measures Martin turned to Twitter after the encounter to explain why he couldn’t provide guidance.
He wrote: ‘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.’
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…
— Martin Lewis (@MartinSLewis) June 27, 2023
Although he couldn’t provide individualised advice, he did offer some hope.
‘PS of course also noted very likely the mortgage is very small compared to their current house price so they should have decent capital if they downsized.’
This Morning airs weekdays at 10am on ITV.
