Money Saving Expert founder Martin Lewis has shared whether people could suspend their mortgage payments due to financial struggles caused by coronavirus.
In an appearance on Monday's episode of This Morning, Martin Lewis spoke with hosts Holly Willoughby and Phillip Schofield about the anxieties the global pandemic has caused.
Fielding calls from worried viewers, the finance guru shed some light on mortgage repayments.
Wales Online reports one viewer phoned-in and asked if mortgage lenders are allowing people under financial stress to suspend payments.
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."
Though the effect of such action on your credit score is still relatively unknown.
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Martin said: "The impact on your credit score is something we're still digging on."
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.
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Be honest and open and hopefully they will make the terms easier.
"They are saying they will do, but it's case-by-case."
For more financial advice, head to the Money Saving Expert website.
This Morning airs weekdays from 10am on ITV.
