It’s no surprise that events over the past few weeks have affected the mortgage market significantly. The Coronavirus pandemic has of course had an impact, and we’re taking a look at just how things have been affected so far in the mortgage market. In order to keep you informed and prepared...
No visits to properties
Under current conditions surveyors and mortgage valuers cannot visit properties, which is effectively putting the market on hold. Property valuations are necessary in order for a mortgage application to be accepted by lenders.
While it’s true that some make use of the Automated Valuation Model (AMV’s) to obtain this without a visit, this is only used when an inspection of the physical property isn’t needed. Lenders are procession mortgages that don’t require visits but these generally at higher loan-to-value ratios.
Mortgage Payment Holidays
Mortgage Payment Holidays have been introduced to support homeowners struggling with repayments due to the ongoing outbreak of COVID-19. However, borrowers should always evaluate all of their options to determine whether it’s the right option for them.
Homeowners are advised to contact their lender if they think they won’t be able to keep up with their monthly mortgage payments. It’s also advisable for borrowers to check if a payment holiday will affect their credit rating etc.
Lenders playing a waiting game
Lenders are reacting differently to the current situation, with many putting things on hold in terms of accepting mortgages.
Some mortgage lenders are extending their offer periods up to 9 months, in order to allow enough time for the market and the economy to start recovering.
The key thing for any homeowner to do in the current climate is to not panic. From first-time buyers to those looking for a remortgage, we’re here to help you.
You can still get in touch with our mortgage advisors at Taylormade, and they can offer advice and guidance just when you need it the most. Let us take away the hassle of the mortgage or remortgage process for you, while saving you time and money.
Get in touch with us today on 0345 305 2540, or info@taylormade-finance.co.uk.
