Emotional Martin Lewis fights back tears as he says mortgage increases could be ‘catastrophic’ for people

MARTIN Lewis was overcome with emotion as he appeared on today’s This Morning to discuss the current financial climate.

In a heartfelt discussion, Martin, 50, addressed the mortgage market turmoil – admitting it could be ‘catastrophic’ for many people.

Fighting back tears, he told viewers: “It is scary, it is uncertain and it is changing by the hour. I have to caveat that no one knows where we are going right now. We have yet again incredibly uncertain times.

“Interest rates are going to go up and go up severely very, very soon. They are predicting interest rates of nearly six per cent by next spring. That would be catastrophic for many.

“Anyone with a variable or a fixed rate that is coming to an end in the next couple of months, I would be looking today to see what is available.”

The concerned economist added: “I have sat here so many times recently and said this is unprecedented, it has been unprecedented so many times I feel like it is precedented.  We seems to lurch from one turmoil to a crisis, to a catastrophe and back.”

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Brits are now facing a mortgage time bomb with interest rates heading towards six per cent next year.

In a scramble triggered by last week’s mini Budget, 365 mortgage deals have been pulled.

Chancellor Kwasi Kwarteng was last night trying to reassure Tory MPs and City chiefs.

Homeowners face having to find thousands of pounds extra a year to pay the mortgage — and will struggle to find a new deal.

Experts are predicting interest rates could rise to six per cent next year after a sharp fall in the value of the Pound.

They warn that the Bank of England could announce another 1.5 per cent rise by November.

At the same time, the number of mortgage deals available is being slashed by lenders.

Around 365 products have been pulled from the market in the past two days by high street banks including HSBC, Santander, Skipton, Halifax and Virgin Money.