Amid this Covid-19 period, the Chancellor of the Exchequer Rishi Sunak has provided that he will do whatever it takes to keep companies and households solvent.
You may be wondering what are the options that are available to you with regards to your mortgages, see below a couple of ways the Mortgage banks are trying to assist individuals that have been affected financially by the COVID-19.
MORTGAGE PAYMENT HOLIDAYS
A payment holiday is where you don’t have to make any payments for a set of time. This plan was put in place so that borrowers who have been affected financially will receive some sort of support.
To qualify you will have to speak with your lender to request it and this varies for different lenders. Once qualified you will be eligible for a three-month mortgage payment holiday and it also applies to both Residential and Buy to Let.
For more details on mortgage payment holidays please see the various links below
- Financial Conduct Authority
- Halifax UK Bank
- Santander Bank
- Principality Building Society
- HSBC Guidance
- Leeds Building Society
- The Nationwide UK
EXTENSION OF MORTGAGE OFFERS
Lenders are also giving the option of extending mortgage offers for home movers/First-time buyers.
This applies particularly to mortgage offers that have been issued and the purchaser has exchanged his contract already. The Extension will help give room for delays in the completion as moving homes may be difficult at this time due to the government rules that all move be delayed.
Buy-to-let borrowers are not left out in any way. It has been seen that lenders are still willing to lend out to individuals in the above bracket. There are still rates that are available for as low as 1.19% on a two year fixed rate right now.
There might be a delay in response from these facilities due to the high volume of calls that may be coming in at this period. Ensure to exercise patient and speak to a broker or solicitor before making any decision regarding your mortgage.
There are more details on the guidelines and precautions for those that are looking into buying or selling their homes this period. Click here to read more.
Questions about conveyancing and buying a house? Get a quick, free, no-obligation quote today. CLICK HERE.