MARTIN Lewis has revealed the first action you must take if you’re struggling to afford mortgage payments.
The money saving expert has warned Brits not to avoid their banks or lenders if they run into financial troubles.
The money saving expert has warned Brits not to avoid their banks or lenders if they run into financial troubles
He said anyone finding it difficult to keep up with monthly instalments and can’t afford their home should not hide it.
On his hit ITV show on Tuesday Martin said you should be given options and if you’re not, make a complaint.
He said: “If you have serious problems or you’re in arrears, please speak to your lender if you are in trouble.
“Don’t hide it from them. That’s a mistake.
“Under the forbearance rules lenders should offer you tailored support.
“So that’s payment reductions [and] permanent term extensions.
“Now these can hit your credit score but they should be offered to you.
“And if they don’t then you can make a complaint.”
Regulator Sheldon Mills said they advise all lenders to give people the best support possible for their situation.
Appearing on The Martin Lewis Money Show Live he said: “I mean all lenders, we oblige them to go through tailored support for people who are in serious problems or in arrears.
“And in addition to that people are vulnerable at a time when they’re in financial distress so the should also be doing that sensitively to your situation.”
Martin also said it’s important to check, if you’re on a fixed rate, when it’s coming to an end.
He said anyone wanting to switch should get onto their current lender and see what they can offer before going elsewhere, as it could cost thousands.
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