Martin Lewis issued a warning to everyone considering buying a home on Monday's Good Morning Britain.
The Money Saving Expert founder hosted the daytime show, alongside Susanna Reid, in a special Cost of Living episode. In the past week, the pound has plummeted and mortgage rates have jumped up considerably.
Banking giant HSBC has warned that mortgages could rise by up to £5,000 a year.
READ MORE: Martin Lewis warning to all who pay energy bills by direct debit
This comes at a time when many are already struggling to stay afloat, with the price of food and energy soaring. Mr Lewis was on GMB to offer clarity and advice to people who had questions.
He issued a stark warning to people who are thinking of buying a new home amid the cost of living crisis. Responding to a viewer called Lana who asked if now is a "good time" for first time buyers, he 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 your house.
"[But] if you're doing this because 'this isn't the house I want but I feel I should do it now before everything goes wrong and it all goes belly up'... don't buy your house. We're working with so many variables, there are no firm right answers".
Good Morning Britain airs weekdays from 6am on ITV and the ITV Hub
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