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Martin Lewis discussed the latest developments with “mortgage holidays”. As he explained, mortgage holidays will allow people to not pay their mortgages for up to three months.
However, he provided insight on what will happen after this holiday ends. It is likely that mortgages will become slightly more expensive after the holiday ends.
As an example, he detailed that a mortgage of £700 a month will likely be £710 or £712 after the three month period.
He detailed though that it is worth doing, he said: “if you need it do it”
Eligibility will also not be a problem for many: “If you are eligible for the mortgage holiday - you will get it”
READ MORE: Martin Lewis: Should you cancel your holiday? Latest advice
The government launched a mortgage holiday plan (Image: ITV/GETTY)
On March 17 Rishi Sunak announced his support for mortgage holders.
As he detailed: “Following discussions with industry today, I can announce that for those in difficulty due to coronavirus, mortgage lenders will offer at least a three month mortgage holiday – so that people will not have to pay a penny towards their mortgage while they get back on their feet.”
Many will likely feel relieved with these plans as coronavirus is expected to impact all parts of the economy, which will include people's income.
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During the programme, several people called in to ask Martin questions directly.
One caller asked if taking advantage of these new government schemes will affect credit ratings.
Fortunately, Martin detailed that they will not in any way, shape or form.
He encouraged people to take advantage of these measures without fear.
Mortgages in the UK are notoriously expensive (Image: EXPRESS)
Another caller asked Martin about the rules concerning taking more than one holiday.
Interestingly, this caller detailed that she had been offered a mortgage holiday previously and so she wasn’t sure if she’d be entitled to another.
Martin explained that this will not be an issue.
As he clarified, anyone who has already received a mortgage holiday will face no problems getting another
Throughout the programme, Martin detailed that everyone should embrace “Forbearance”.
This word encapsulates patience, self-control, restraint and tolerance.
Martin explained that we will all need this in the coming months, for both our personal actions and finances.
He reiterated the point that there are many people who will be struggling and that it may not always be obvious that other people may require more support than average.