Martin Lewis has released 'important' advice on mortgages for all homeowners across the country.

The MoneySavingExpert shared information on three-month mortgage holidays, which follows an update by regulator, the Financial Conduct Authority (FCA). 

What has Martin said?

Martin said: "Under the regulator's plans, you will have until October to apply for one, and those who have already had one can extend.

"Yet interest racks up and it can impact you 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 many firms, and where it is it won't tarnish individuals' credit reputation for too long.

"But there's no real way to know. Most importantly, I don't believe this should stop anyone who needs a mortgage holiday from getting one, if it's crucial for cash flow, just do it.

"Yet for those on the border, who may find it temporarily useful but can cope without it, add this to the fact that interest racks up during the payment holiday and I'd err on the side of caution."

What have the FCA said?

Christopher Woolard, interim chief executive at the FCA, added: "Our expectations are clear - anyone who continues to need help should get help from their lender.

"We expect firms to work with customers on the best options available for them, paying particular attention to the needs of their vulnerable customers, and to provide information on where to access help and advice.

"Where consumers can afford to restart mortgage payments, it is in their best interests to do so. But where they can't, a range of further support will be available.

"People who are struggling and have not had a payment holiday will continue to be able to apply until October 31."

What have UK Finance said?

Stephen Jones, the CEO of UK Finance, added: "Banks and building societies will continue to help their customers get through the crisis and have a wide range of support available.

"Anyone with concerns about their financial situation should check with their lender to discuss which form of support would be the best choice for them."