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Thomas Lynch

Martin Lewis reveals if you can delay mortgage payments because of coronavirus

Martin Lewis has clarified whether or not your can suspend your mortgage payments if you're struggling financially because of the coronavirus outbreak.

Appearing on Monday's instalment of This Morning, the Money Saving Expert founder spoke to concerned callers about their money worries amid the COVID-19 crisis.

One viewer phoned-in and asked if mortgage lenders are allowing people under financial stress to suspend payments.

Watch the video above to see what Martin had to say.

Martin Lewis on This Morning (ITV)

Speaking to Holly Willoughby and Phillip Schofield, Martin explained: "We are seeing a lot of mortgage providers, especially the ones that still have share holdings from the state, talking about forbearance."

Forbearance in the context of mortgages is an agreement between the lender and the borrower to delay mortgage payments because of financial hardship.

Martin added: "Now, forbearance may mean reducing your payment, delaying your payment, increasing the term of your mortgage - which effectively reduces your mortgage.

"Increasing people's credit card limits is also something that they can do."

"Allowing you to take money out of fixed rate savings too, although I'd be careful because rates are so poor at the moment, if you don't need that, you're probably locked into a high rate taking out."

But, will suspending your mortgage payment impact your credit score?

"The impact on your credit score is something we're still digging on," Martin said.

In short though, if you're struggling financially because of coronavirus, talk to your mortgage provider about suspending your payments.

Martin told viewers: "But yes, many mortgage providers understand the situation and if you can't work due to coronavirus and that is causing you problems, I would absolutely discuss it with them.

"Be honest and open and hopefully they will make the terms easier.

"They are saying they will do, but it's case-by-case."

More for financial advice, head to the Money Saving Expert website.

This Morning airs weekdays from 10am on ITV.

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