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Martin Lewis was “lost for words” after hearing a couple were unaware they were on an interest only mortgage for the last 40 years.
After hearing their story, he took to Twitter to remark on the matter.
The Money Saving Expert 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.”
The tweet comes after his appearance on ITV’s This Morning today. He was contacted by the caller who explained their situation, asking the finance expert for some suggestions.
Lorraine wrote in and said: “My husband and I are in our early 60s. We’ve just found out that we’re still on an interest-only mortgage.
“With all that’s been going on at the moment, my husband checked and noticed that we’re still paying interest only, but the bank has never informed us.
“What can we do? We’re so worried we’re going to lose our home.”
In shock, Martin responded: “Gosh. I’m not sure if I know what to say.”
He explained he didn’t want to give any specific details as he needed more information on Lorraine’s situation to offer advice.
He suggested that she contact her bank immediately and get some legal advice on the back of that.
The money saving expert continued: “It’s difficult to know what to say.
“My hope is that with a 40-year property, its house price would have gone up many many many more times than the mortgage is worth so hopefully the mortgage will be relatively small compared to what the house is worth.
“And if you had to you can sell it and downsize rather than thinking of losing your house and see what you can do on that basis.”
Mr Lewis’ standard suggestion for anyone having mortgage trouble is to go and speak with their lender.
He explained that this is the time to be “open and honest”, as lenders can provide the most help if they understand an individual’s situation.
He also suggested speaking to Citizens Advice as they can provide one on one help.
This Morning continues on ITV tomorrow at 10am.
