Martin Lewis demands emergency mortgage plan from government as he warns of 'ticking time bomb'

Martin Lewis put out a direct message for the government during his appearance on Good Morning Britain on Monday (October 10). The finance guru, who founded the MoneySavingExpert website, appeared alongside host Susanna Reid to offer his advice on a special cost of living episode of the ITV news programme.

Martin answered several questions from viewers who are becoming increasingly concerned about rising costs in their everyday lives. The majority of questions asked were focused around mortgages as homeowners fear their mortgage repayments will become even more unaffordable if interest rates rise as predicted.

After the mini budget was announced on September 23, it was warned that the Bank of England could raise interest rates to as high as six percent to help bring down inflation. Mortgage lenders have since been wiping deals off the market leaving many homeowners and first-time buyers left in a state of panic.

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During his appearance on Good Morning Britain, one viewer asked Martin: "Is it better to get a short-term or a long-term fixed mortgage?" to which he responded: "You have to look at what is internally better for you. The more you value certainty, the more important that is to you, the more you should be biased towards fixing."

Another concerned viewer seeking the expert's advice asked: "My fixed-rate mortgage ends in January, when should I look for a new deal?." Martin replied: "I would be speaking to a mortgage broker right now."

After taking many questions from worried homeowners, the MoneySavingExpert founder then issued a 'serious' plea to the government.

Martin said: "Look at the