MoneySavingExpert Martin Lewis gives stark warning to those applying for extended mortgage holidays

MoneySavingExpert Martin Lewis gives stark warning to those applying for extended mortgage holidays

Millions of home-owners took advantage of a mortgage holiday when lockdown started and an uncertainty over people's incomes crept in. Banks and lenders had been told by the government to allow up to three months' relief for applicants. Customers simply needed to fill out a quick form and wait to find out if they were eligible for the break in paying off their mortgage. The process doesn't waive up to three months' worth of payments, it just adds it onto the end of the term. Kent weather: Met Office has its say on when 27C heatwave will return to Kent And, with the virus still affecting how many people live their lives, and fears of redundancies, the banks have allowed people to apply for a second mortgage holiday this month. For those extending it for the full term, payments have been postponed up until October. But MoneySavingExpert Martin Lewis has issued some advice for those who are debating whether or not to re-apply. There are some things home-owners are encouraged to think about. Can you cope without it? Martin, who has his own ITV1 show, The Martin Lewis Money Show, said: "Under the regulator's plans, you'll have till October to apply for one, and those who have already had one can extend. "Yet interest racks up and it can impact your creditworthiness. "My hope is that as these holidays are specifically for the short-term financial hit of coronavirus – and as the practice is so widespread – it won't be used by ...
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