FINANCE guru Martin Lewis revealed the first action you must take if you're struggling to afford mortgage payments in a special edition of his ITV show last night.
He hosted an emergency mortgage episode of Money Show Live after rates hit the highest level for 15 years.
The Money Saving Expert founder warned Brits and told them not to avoid their bank or lenders if they run into financial troubles.
He said anyone finding it difficult to keep up with monthly mortgage payments should not hide it.
If you’re struggling to repay your mortgage there is help available. Please read this: https://t.co/CBUbRqK90m #MartinLewis
— Martin Lewis (@MartinSLewis) July 11, 2023
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."
Want to overpay your mortgage with savings? See if it's worth it using this calculator... https://t.co/ZpPavYfGoV #MartinLewis
— Martin Lewis (@MartinSLewis) July 11, 2023
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.
Right I'm just leaving the studio. I hope you enjoyed @itvMLshow tonight or at least found it interesting.
— Martin Lewis (@MartinSLewis) July 11, 2023
Big thanks to @lucrezianews, @Jeremy_Hunt, Sheldon from @TheFCA, @montysblog, and Louis from @LeedsMoneyBuddy for joining me.
And brilliant work by the team putting this…
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.
It comes after MPs on the Treasury Select Committee yesterday grilled some of the UK’s biggest lenders on how rising mortgage costs would start to impact households.
Martin explained the best practice is to decide your mortgage rate based on your own finance.
He added: "If there is a fix out there that you can afford and it gives you surety that you know exactly what you want to pay and that surety is most important to you than fix.
"If you've got room to pay the variable rates for a few months then you may want to do that but there is a risk things can get more expensive."
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