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Looking to get a mortgage? Here's what you need to know

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Coronavirus, Mortgages and You: What You Need to Know
COVID-19 has proven to be a global pandemic which has changed life as we know it, but as we start to return to normal, it has never been more important to take advantage of any advice and ensure you're getting the best deal to suit your needs, lifestyle and future.

A mortgage is a very important part of your adult life, so knowing how it works is vital. Let’s take a look at how mortgages have been impacted because of the coronavirus, and what we’ve done at Love Mortgages to help get things back to normal as quickly as possible.

Payment Holidays

The very first type of change which was implemented as a result of the coronavirus pandemic is the concept of a payment holiday. Contrary to what the title suggests, this is not a situation which will see you sitting on an island drinking cocktails all day, unfortunately!
Instead, what you will be more likely to encounter is a payment holiday from your mortgage. It’s an agreement between you and your mortgage provider that for the time being, during these exceptional circumstances, you’ll be given a break from paying your mortgage. It gives you the time you need to seek that financial stability, gives you the time you need to get back on your feet, and in our experience has given our customers the opportunity to review their finances, explore any remortgage opportunities and secured a stronger financial future.

If you find yourself in a situation of uncertainty over the coming weeks or months, speak to your lender and enquire about any support programmes they may be running. Many lenders are running their own customer-focused support schemes to continue the support and help things get back to normal. If you would like to discuss any opportunities of restructuring your mortgage finance or protection, call us on 01244 90 44 10  or message us here for free independent advice - we look forward to hearing from you.

Should I buy a house now?

If you are just starting your search for a new home, now could be a fantastic time to buy! The housing market across the UK has picked up full pace since being opened for business in a staggered, and safe way – with property viewings, surveys and physical mortgage valuations all possible again. With the recent news from the chancellor that Land Transaction Tax (Stamp Duty) has been suspended until the end of March 2021 for all property transactions up to £500,000 (which is most properties) in England and Northern Ireland, there has never been a better time to buy. If you're in Wales, that limit has been set at £250,000 which is still the majority of property transactions - especially first time buyers. There are different Stamp Duty rules which we can advise on separately, so please do give us a call if you have any questions or need any help with this.

Don't miss out on a remortgage

Looking to remortgage?

It has also never been a better time to think about updating your mortgage deal. With peoples lives changing, it's important to ensure you're on the best deal possible, and the whole team at Love Mortgages are fully experienced in tailoring our advice to your specific needs. We've been hugely successful in improving the mortgage deals our customers get - especially since The Bank of England dropped the base rate to a historic low of 0.1% in March, with mortgage rates following this downward trend - getting mortgage advice no matter what situation you're currently in has never been more beneficial and important.

Have a look to see when your current mortgage deal is expiring, and get advice as early as possible to ensure you're fully prepared with all your options for updating your deal to a new and improved one. Swapping mortgage deals are incredibly common, and encouraged by us at Love Mortgages, especially when your current deal expires - as you're reverted onto your lenders' standard variable rate which is usually significantly more expensive than an agreed deal. Your mortgage advisor will look at all your options, compare with your current financial situation and allow you to choose to agree on a new deal with your current lender or switch lenders completely. The options are endless, and here at Love Mortgages, we're saving our customers all over the UK huge amounts on their remortgage deals, in a friendly, easy and transparent way.

To Recap

In conclusion, these are some of the different options we can advise on that you’re going to want to think about when it comes to mortgages in the coming weeks and months. A lot of people are missing out on key refinance opportunities, and the whole team here at Love Mortgages are standing by to help you out. Give us a call today on 01244 90 44 10 or click here to send us a message - we aim to reply within 1 working day.

Disclaimer: Any mortgage offer forms a contract between you and the lender. It is important that you always take time to check that the offer they provide you with is exactly what you required, before agreeing to proceed. A good mortgage advisor will always assist you with this. Finally, property values may fluctuate according to the conditions of the market. This may affect your savings and investment. This can be addressed and explained in more detail by your mortgage advisor during the application process.

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