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.

 

Is Mortgage Required still open for business?

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.

What if I can’t get through on the phone?

Please do bear with us, if you don’t get through the first time, try again or send an email to team@mortgagerequired.com

Are you still doing appointments?

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.

Who do I contact if I want to take advantage of the 3-month payment holiday offered by Mortgage Lenders?

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.

Will I qualify for the 3 month payment holiday?

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.

Is there a downside to taking advantage of this offer?

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.

Will my credit score be affected?

No, although the payment holiday will be recorded on your credit file.

Would I be better off remortgaging or doing a rate switch onto a cheaper rate?

Yes, definitely. Contact us now to see if you qualify for a better deal which will save you money!

What are the rules for Landlords with regards to the 3-month payment holiday?

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.

Am I able to take out Unemployment insurance in case I lose my job?

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

Are there policies available to protect me against losing income due to Covid -19?

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.

What about Critical Illness Cover?

This cover is fully available although Covid-19 is not a definition which is currently covered by any critical illness plans on the market.

Is Life cover still available?

Life cover is fully available and will cover death from any condition including COVID-19.

Will my existing income protection pay out as I am off work due to illness?

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.

Can I arrange cover quickly if I don’t currently have any?

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.

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