The coronavirus pandemic has hit many of us hard.

As some are struggling to pay off their mortgages at the moment, they’ve decided to take mortgage holidays.

The support scheme gives Brits more time to get back on their feet.

But according to consumer expert Martin Lewis, you don’t have long left to claim mortgage holidays.

In his latest newsletter, the Money Saving Expert founder warned: “If you've a mortgage, credit card, car finance or loan, or you pay insurance monthly, you've only 10 days left to apply for a three month payment holiday - don't delay if you need it.”

So how do you apply for the payment holiday?

Martin Lewis explained why Brits don't have long to apply for mortgage holidays

Make sure to contact your lender before October 31.

They will help you to make a decision about mortgage holidays and discuss other potential options with you.

Those in need will be able to temporarily freeze payments for three months if they need to.

Martin said: “A payment holiday is far better than missing payments without an agreement.”

Despite this, there are drawbacks to taking a mortgage holiday too.

Martin explained: “Many wrongly assume interest is frozen if you take a payment holiday.

“It's not. It still accrues, and the fact you're not repaying results in a higher balance, meaning more interest will rack up.”

What’s more, taking a mortgage payment could affect your credit rating.

It has the potential to impact future lending decisions – and can get you into debt.

Martin added: “So if you don't really need a three month holiday, don't do it, or take a shorter break or make some voluntary repayments if you can.”