Martin Lewis has issued a warning to any first-time buyer who is in the process of looking to buy a house. The Money Saving Expert founder appeared on Good Morning Britain on Monday (September 3) to give his expert advice following the recent property market turmoil.
Homeowners were thrown into panic last week when thousands of mortgage deals vanished from the market. Mortgage lenders have taken their products off sale after concerns that the Bank of England will raise interest rates to as high as six percent, which would increase mortgage repayments by hundreds for many homeowners.
First-time buyers have now been left fearing they will be priced out of the market as the cost of living crisis makes owning a home even more unaffordable in today's current climate.
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Appearing alongside Susanna Reid for a dedicated cost of living episode, Martin answered questions from viewers of the ITV news programme to give some clarity on their concerns.
One viewer Lana called in to ask: "Is now a good time for first-time buyers?".
This is amid the stamp duty cut announced by Chancellor Kwasi Kwarteng as part of the mini budget which will see the threshold for first-time buyers increase from £300,000 to £425,000.
But Martin Lewis issued an important warning to first-time buyers who are in the midst of the homebuying process.
Giving his expert advice, the financial guru said: "If you've got a decent deposit and you've found a house that you love, and you've got a mortgage that is affordable for you, and you're going to stay in that property for a long time, get on with it. Buy a house."
Martin continued: "If you're doing this because 'this isn't really the house that I want but I feel I should do it before everything goes wrong and it all goes belly up,' don't buy a house."
The money-saving expert then asked his co-host Susanna Reid "does that make sense?" to which she then responded: "It does make sense."
Martin added: "We're working with so many variables it's incredibly complex right now. There are no firm right answers and I apologise if we play this back in two years time and I was totally wrong. That's possible."
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