Coronavirus - Covid 19

How will Covid 19 impact on finding or renewing a Mortgage?
Whilst no one is certain of the effect on the economy in the long term, there is still activity in the market and very competitive deals whilst we’re battling the COVID 19 Pandemic. Now more than ever is the time to talk to one of our brokers and understand how it may impact an existing mortgage application or a re-mortgage, our broker team are available via phone or email to advise and help.

What is happening to a current application?
Applications are still being progressed, whilst lenders went into lockdown the process slowed however lenders are still lending. Individual lenders have begun to undertake rechecks of clients individual circumstances on new loans, our brokers will advise using their daily changing market knowledge.

What happens with the valuation surveys?
May lenders are simply relying upon desk top valuations, specifically for remortgages and by to lets. Generally, lenders are comfortable with lending up to 75% loan to valuation (LTV) via a desktop.

Where the LTV is higher, and there are 95% mortgages available, the lender and solicitor will process the application subject to a physical valuation being scheduled.

Mortgage advice in lockdown – try and reduce your costs
There’s been no change to mortgage advice service, although, we’re simply advising phone. We offer an initial free mortgage consultation, available seven days a week. The market is changing, both for new mortgages and remortgages on a daily basis and there are some incredibly competitive deals which our brokers have access to. Our brokers specialise in remortgage advice, in this rapidly changing market now more than ever is to set our brokers the challenge of reducing your mortgage repayments. The Bank of England rate is at its lowest ever level, find out how this impacts on your mortgage, lenders are viewing this differently with some increasing their rates, our brokers have access to all the latest information.

Concerns about your existing mortgage
If your income has been affected and are concerned about meeting your mortgage payment, then please call your lender right away. Often, they are very understanding and will agree on a mortgage payment holiday period to help, this may have an impact on your credit rating, talk to one of our brokers for advice.