Published On: Thu, Mar 19th, 2020

Martin Lewis: Money Saving Expert urgent coronavirus mortgage advice

Martin Lewis will be on television tonight on the Martin Lewis Money Show, at 8:30pm. He will be addressing money matters in the time of coronavirus. Tonight he will discuss travel, jobs, pensions and family fiances. Ahead of time, the expert was on Twitter to give advice.

He gave advice especially for those in the rental market.

Martin wrote: “All evictions to be banned for three months, more details on rental help due soon.”

He added: “I’m now hearing landlords will be able to get a three month buy to let mortgage holiday if tenants can’t pay rent, to make offering tenants forbearance easier. This is coupled with the three months evictions. We’ll be confirming and analysing tomorrow.”

Taking another Twitter user to task after they complained about loss on income for landlords, he said: “In this scenario who’s most out of pocket, is less relevant than ensuring all parties survive and get through it with minimal financial and health damage.”

READ MORE: Martin Lewis gives insight as man fears for pension & life savings in coronavirus pandemic

For those looking to draw out their savings, the expert also had advice.

He said: “They’re saying increasing people’s credit card limits is something that they can do.

“Allowing you to take money out of fixed rates savings – 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 higher rate than taking it out.

“Be honest and open, and hopefully they will make the terms easier. They are saying they will do, but it’s case-by-case.”

GoCompare said: “We’re already well into unchartered territory with the Coronavirus outbreak and the kind of special measures being introduced now are going to have a direct impact on many people’s finances.

“Households are going to be genuinely concerned that their income may be reduced or that that there could be job losses. Now is the time to act.

“If you’ve got some spare time, dig out your bills and log on to your online accounts.

“With a little bit of work, we reckon some households could save up to £2,100, particularly if they’re new to switching.

“Few of us are going to be able to insulate ourselves completely from the economic impacts of this pandemic, but we can take sensible steps to reduce our outgoings.”

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