Seddons have teamed up with Chris Burton to offer landlords, buyers and sellers the option of over 11,000 mortgages from 90+ lenders. Chris is part of the Mortgage Advice Bureau, one of the UK’s leading providers of expert, face-to-face, financial and mortgage advice on the high-street. Here’s what Chris had to say on the current situation….
Over recent weeks there have been so many changes to our everyday lives it is sometimes hard to know where to go for help. Some people have lost incomes, we have been introduced to the term furlough, and the media have had a whale of a time sensationalising a ‘housing market lockdown’. In truth there are still people buying and selling, and lenders are still lending, albeit with amended criteria and product ranges.
There are two main reasons for lenders changing their available products. Firstly, it is due to capacity as they have staff working remotely so simply cannot deal with the volumes they normally get. This is why many have amended their range so they can deal with the workload more effectively. Secondly is valuations, as the current distancing requirement means surveyors cannot get into properties and this has caused applications to be temporarily held until they can have access again.
For those of us who already own a property with a mortgage, if you are struggling with reduced income there is help available in the form of a mortgage holiday/payment break. This is where your lender agrees to either reduce your monthly payments or even allows you to stop payments for a period of time and it should not impact your credit file. Different lenders will have different options available so you need to talk to them directly to see what you are entitled to. This does not mean you get a break for free as interest is still accrued, it is merely deferring, or putting back the payments at a time when you need it most.
For those of us who already own a property, whether it be our own home, a buy to let or a second/holiday home, there are still many options available, though we need to be patient as things will take longer than normal.
Getting to your bank or building society to sort out your current mortgage may not be possible, and looking online is difficult with rates and criteria changing daily, so using a broker like myself might be your best option.
I am a whole of market adviser so can look for the best deals available. In many instances when someone is coming to the end of their current deal, I can keep them with their current lender and help them simply transfer products to avoid going onto a higher rate. Given the current environment of social distancing I can do everything over the phone, via video call and by email so you can do everything from home.