Martin Lewis came face-to-face with Jeremy Hunt on Tuesday (July 7) in a meeting which aired on ITV. The Money Saving Expert founder, who is known for holding the government to account when it comes to issues such as the cost of living, pressed the Chancellor for answers over the current mortgage crisis.
Martin's meeting with Jeremy, who has served as Chancellor of the Exchequer since 2022, formed part of the 'mortgage special' of the The Martin Lewis Money Show Live. Despite coming off air earlier this year, the financial expert called for an 'emergency' programme to address some of the key issues facing homeowners today.
It comes as many homeowners are now facing sky-high monthly mortgage repayments after the Bank of England made 13 consecutive interest rates rises. At the start of his self-titled show, Martin told viewers that mortgage rates were at a 15-year high and were now higher than after the mini budget.
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In the midst of offering advice to mortgage holders, the show aired Martin's sit-down with the Chancellor which had occurred earlier that day.
The money-saving expert put across a variety of viewer's real life scenarios to Jeremy in the hopes of getting some answers.
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Starting their talk, Martin asked whether the interest rate rises are necessary to which the Chancellor responded: "In the end, the only solution to the pain that families are feeling, is to bring down inflation.
"The most effective and the quickest way to get inflation down is through interest rates. But I totally recognise that causes a lot of pain for people who are renewing their mortgages. But it's the quickest way to get through this difficult patch."
Jeremy added: "Everyone is feeling the pressure, and that's why we've given support of about £3,000 to the average household this year and last to help them through this difficult period.
"But of course I understand there are particular pressure on people with mortgages which is why we announced the mortgage charter to make sure that even those with the most extreme pressure are getting treated as sympathetically as possible."
Martin then proceeded to read some emails from viewers which was a representation of what a lot of homeowners are facing amid the current cost of living crisis.
One woman, Maxine, told how her mortgage had increased from £200 per month to just under £800.
"I doubled my hours at work to cover the increase, but if they rise any more there aren't enough hours in the day for me to earn anymore," she said.
Another viewer, who works as a deputy headteacher, said his mortgage had gone up to £1,100 a month with his fixed term due to end soon.
Martin then asked the Chancellor for his thoughts on the individual situations as he asked "what should they do?".
"We want to do everything we can to help them and I think we've shown that we are willing to do that by the energy price guarantee that paid for around half of people's electricity bills and by the extra cost of living support that we give," Jeremy said.
But Martin soon stopped him in his tracks as he said: "No you keep saying that so I'm going to interrupt you, you did, but energy prices are roughly still double what they were and you're not giving people the £400 this winter coming, so that doesn't help going forward."
As the Chancellor went on to explain the support for those on benefits, Martin quipped: "That doesn't help Maxine or the deputy head does it?".
Jeremy then continued: "I need to take the decisions as Chancellor that bring down inflation and therefore allow interest rates and mortgage rates to fall as quickly as possible.
"What Maxine and that deputy head wouldn't want is for me to do anything that would prolong that pain by not taking those difficult decisions."
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