Martin Lewis advises on mortgage holiday applications
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Martin Lewis , Money Saving Expert, has provided a countless amount of support to people right across the country who may be worried about their finances or need a helping hand. Many families are struggling to restructure their finances amid the COVID-19 crisis. After several months of chaos, people are attempting to navigate the fallout from lockdown, and what this will mean for their lives going forward.
Fortunately, Martin was on hand to answer a number of questions and queries relating to life after lockdown.
And he covered a question asked by many people on mortgage holidays.
Mortgage holidays were first introduced by the government in March as a way to help those adversely affected by the COVID-19 crisis.
It allowed people to pause their payments for a short period of time to help them get back on their feet.
Martin Lewis: The Money Saving Expert offered a last chance warning on mortgage payment holidays (Image: ITV)
But there is an important deadline to note, which Martin drew attention to when appearing on his Money Show on ITV.
Martin said: "Mortgage payment holidays are available for those struggling from coronavirus.
"The last chance to apply for your first time, or to carry on to your second time is October 31st.
"The FCA has now said that for people still struggling firms should help them, but it doesn't have to be a mortgage holiday after that time.
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"But these extra measures are likely to go on your credit file, and we expect this to be confirmed by next week."
Mortgage holidays are just one form of support the government has offered.
However, after being taken up by millions of households, it is clear the measure has provided invaluable support.
Those who do need the form of support, however, are urged to act fast to meet the deadline Martin mentioned.
Martin Lewis: Cheapest postcodes in the UK (Image: EXPRESS)
As payment holidays are traditionally three months long, applying by this deadline could mean people receive a mortgage holiday which lasts just into 2021.
However, as Martin also mentioned, the FCA has suggested tailored support for mortgage holders once payment holidays come to an end.
This form of more specific assistance is likely to be targeted towards a person's individual circumstances.
For those who are struggling with payments, there is help at hand.
As Martin suggested, reaching out to a lender is often the first port of call.
This is because lenders are legally required to do as much as they possibly can to help a person meet their mortgage payments.
They are likely to be able to discuss payments with a household to work out an arrangement that suits everyone.
This may involve extending the length of a term or shifting the requirements of a loan to ensure a family can keep up.
Other information can also be gained from debt advice charities who are always on hand to provide impartial and often free help to those who need it most.
Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/
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