As advisers we are constantly being updated by the lenders & The Financial Conduct Authority, on various policy changes, which will affect how you can access property finance and obtain help from the Government through financial support.
We aim to explain in simple terms, what each change means and where you can obtain further information.
Whether you have exchanged contracts, not received your mortgage offer yet, or are considering moving in the foreseeable future, we are here to answer all of you queries.
It is disappointing when any market deteriorates quickly, even more so when it is linked with people trying to purchase a new home.
Please be aware that taking a payment holiday might have implications especially if your existing mortgage rate is due to end or if you plan on purchasing once things get back to ‘normal’.
We are only advising to take a payment holiday if it’s your last resort, not just because you can. The payment is typically added onto your loan with interest and will cost you more in the long term.
If your current deal is ending soon and you are unsure on what to do, we have provided some useful links to the Money Advice Service, a free and impartial advice service, as well as our own guidance.
The government has recently announced survival packages for employers, employees and the self-employed. We have tried to summarise these the best we can & have put links to the relevant Government website pages with full details on for each.
Protection & Wills
If you have Protection Policies such as life assurance, critical illness etc we urge you to keep these in place. The insurance market will be putting different clauses in new policies once the dust has settled and therefore your current policy is already likely to be better than ones you may take in the future.
Death & Mortgages
If you have lost a loved one and there is a mortgage to pay, you should continue where possible to make the mortgage payment or contact the lender as soon as you are able to inform them of your loved ones death so you can make arrangements.
Its dreadful that when the world is on its knees there’s opportunists still looking to make a quick buck! Do not click on any links sent to your mobile or by email.