Coronavirus & Your Mortgage
The latest news and advice on your mortgage amid the coronavirus pandemic.
Our Service - Can I still get a mortgage?
Yes! We’re still open and offering our whole of market mortgage advice service to new and existing customers, we’ll be making use of technology to provide our service through online platforms and over the phone.
If you’d like to talk to someone about the possibility of getting a mortgage, you can chat with us now with any questions you might have. Click to chat with someone now!
Our Service - Will my mortgage still go through?
Yes, if you’re a client of ours, our advisers will be working as normal and are committed to ensuring you get the advice and support you need through this uncertain time.
If you need to contact your broker, it is best to do so using their direct contact details as our head office is now on skeleton staff.
Our advisers will be working remotely using online platforms and telephone support to ensure your mortgage application goes smoothly through to completion.
3 Month Mortgage Payment Holiday
How Does It Work?
The new measure means that mortgage holders affected by the coronavirus are able to apply for a break from their mortgage payments.
This means you won’t have to make any payments on your mortgage for up to 3 months. During this time, interest will continue to accrue and will be paid back over the course of the loan.
Who is eligible?
Any mortgage holder affected by the coronavirus and is up to date on their monthly payments can apply for a 3 month payment holiday.
How do I apply?
The process may be slightly different for each bank, the best thing to do is to get in touch with your lender or check any information they have on their website.
Will it have a negative effect on my credit score?
From what we have seen so far, no, taking advantage of this 3 month payment holiday will have no impact on your credit score. Each lender will have a different process though, and it's always best to ask for clarity when applying.
Bank of England base rate change
As part of its emergency package to ease economic pressure, the Bank of England has reduced its base rate twice, first to 0.25% and now to the record low of 0.1%.
What does it mean for your mortgage?
It’s good news if you have a tracker or variable rate mortgage as the cost of your mortgage will likely decrease. If your rate changes, your lender will likely get in touch with you to tell you exactly how this affects you and what you’ll be paying.
If you’ve got a fixed-rate mortgage, your monthly payment won’t change, your interest rate is set at the level you originally took it out at. You may still be able to take advantage of low-interest rates in the market however, whilst it's likely there will be a charge for early repayment, the savings could outweigh the cost, get in touch with your adviser to find out if remortgaging could save you money.
If you’re in the process of getting a mortgage and you want to make sure you’re not missing out on new low rates, get in touch with your adviser and they’ll be able to explain whether there are any savings to be had and what the process of switching would be.
Getting a new mortgage
If you’re considering getting a mortgage but haven’t started the application process yet, you should think about how long you’re willing to wait for lower rates, so far we haven’t seen a dramatic reduction in mortgage rates but it is expected within the next few weeks (23/03/2020)
Want to talk about getting a mortgage? Click here to chat with someone now.