With the spread of COVID-19 you will no doubt have a few questions about your mortgage and your on-going ability to make your repayments.
We have put together some key FAQs from the questions we have been fielding from clients. Please do feel free to contact us if you have any other questions, we are here to help.
Yes, we are open and offering the usual service although our staff are working from home. Our office hours are: Monday - Thursday 9am – 6pm, Friday 9am – 5pm, Saturday 9am – 2pm.
Click here to book a free phone or video appintment.
Please do bear with us, if you don’t get through the first time, try again or send an email to team@mortgagerequired.com
We are offering video conferencing appointments to replace face to face. They are very simple to use, please click here if you would like to arrange one.
You should contact your lender in the first instance if you are (or think you will be) struggling to make your payments. Most lenders are offering the 3-month payment holiday for residential mortgage holders, but some will be offering other options, like partial payments or interest only for a period, which may be more suitable. Borrowers should confirm with their lender that if they take any other option, that their credit file will not be adversely affected.
If you want to talk this through with us first, please give us a call 0n 01628 507477.
The rules will vary from lender to lender, but generally its only for borrowers whose income has been impacted directly or indirectly by COVID-19, whose mortgage payments are fully up to date.
Please bear in mind that although no payments will be collected for up to 3 months, the payments will be added to the outstanding balance and you will therefore pay a small amount of additional interest on the higher loan for the remaining term of the loan.
No, although the payment holiday will be recorded on your credit file.
Yes, definitely. Contact us now to see if you qualify for a better deal which will save you money!
The three-month mortgage repayment holiday has been extended to landlords whose tenants are experiencing financial difficulties due to coronavirus. It will also apply to Help to Buy equity loans.
At the end of this period, landlords and tenants will be expected to work together to establish an affordable repayment plan, taking into account tenants’ individual circumstances.
Some providers are still offering this type of cover to mortgage holders who have not been informed that they may be subject to job loss. This may well change in the coming weeks
You can take out Income Protection Plans to cover you against loss of income due to any illness, although you will have to be off work sick for 8 weeks or more to make a COVID-19 claim.
This cover is fully available although Covid-19 is not a definition which is currently covered by any critical illness plans on the market.
Life cover is fully available and will cover death from any condition including COVID-19.
As long as you have a valid claim, your plan will pay out after any deferred period. You may want to call our Protection Team on 01628 507477 to help understand your circumstances.
Yes, you are able to arrange cover quickly, but GPs are not currently replying to medical questionnaires and on line portals have been pulling certain products due to the complexity of certain exclusions to do with COVID-19.
With this in mind we would urge clients to take proper advice before they proceed with a policy which may not be suitable. Our Protection Team are fully up to speed with this ever-changing market.
On the 31st October 2024 stamp duty for those purchasing additional properties increased by 2% from 3% to 5%.
From 1st April 2025 the threshold will be reducing from £250,000 to £125,000
5 days ago
Research from Metro shows that those who chose to move home didn’t actually move that far away. With a 430g pack of chicken costing on average almost double in London than the rest of the UK, it's no wonder some people are choosing a change of scenery to save a few pennies.
9 days ago
Following recent changes in the Buy to Let market, some investors may find this product less appealing. However, if done correctly, building a buy to let portfolio can be very profitable.
22 days ago
Helping you understand the upcoming changes in stamp duty (SDLT) from April 2025.
UK homebuyers and homeowners are hoping for stability in 2025.
We are hoping that mortgage rates will ease this year, but how drastically depends on inflation trends, swap rates, and the Bank of England’s decisions in which way the base rate should go.
3 Dec 2024
The most wonderful time of the year can easily turn into the most expensive time of the year. Watching the pennies doesn’t mean that the Christmas festivities have to stop, following a few budgeting tips can mean you still have a special Christmas and don’t go into the new year in debt.
29 Nov 2024
December is usually a less desirable time to buy as many people don’t want to move over the holidays. However, prospective buyers do start to look at this time. Selling your home in winter may require a bit of extra attention to showcase your property at its best.
We look at why mortgage rates increased following the Bank of England's choice to reduce the bank rate, and should you fix now?