Coronavirus and your mortgage? Don’t worry, start the conversation early
There has been plenty of news over the last week about the “end of the mortgage market”. These are unprecedented times and therefore the causes and upcoming solutions are unprecedented also. Lenders are temporarily pulling out of lending; some are restricting to only lending 60% of the value of the property or only taking application for re-mortgages. This is predominantly due to surveyors unable to undertake physical valuations and buyers not being able to visit properties.
But this won’t last, and things will get back to normal and potentially with an improved slicker process. Automated valuations may become more accurate, lenders and solicitors may become more digitally focused. There will be positives!
Interest rates are still extremely good, so if your current mortgage product is due to end in the next 6 months or if you are already on your providers standard variable rate then please get in touch to see what we can do for you.
Your home may be repossessed if you do not keep up repayments on your mortgage and you may have to pay an early repayment charge to your existing lender if you re-mortgage.