How Could The Coronavirus Affect My Mortgage in Durham?
Coronavirus and Mortgages in Durham
Mortgage Advice in Durham
We know that everyone is stressed in the UK. We are here to help with some of that and help you with anything mortgage-related. In Durham, we are still here to provide the same amazing mortgage advice service that you know us for!
We are not trying to scare you, we just want to help you. A lot of problems have come up because of the coronavirus and you are most likely questioning where it may leave you financially. Here is what we are going to talk about in this article:
- Receiving Mortgage Advice in Durham over the phone
- Progressing with your mortgage application
- The Bank of England rate reduction and how this may affect you
- Your concerns about not being able to pay for your existing mortgage
- The mortgage industries reaction to the coronavirus
- Should you pull out of your purchase?
- What to do if your Remortgage is due
Mortgage Advice in Durham over the phone
Here at Durhamoneyman, everything is exactly the same. We still have Mortgage Advisors in Durham waiting to take your phone call from 8am-10pm, 7 days a week. Give us a call and receive a free initial mortgage consultation. Our excellent service isn’t changing.
Processing your mortgage application
We are still continuing at the same pace we always do working hard to deliver you fast and friendly Mortgage Advice in Durham. We are determined to keep everything the same as it was prior to the outbreak.
Bank of England rate reduction
Now that the Bank of England has reduced its rates, lenders have followed their actions and decreased their standard variable rates too. On the light side, this is really helpful for First-Time Buyers in Durham as the low rates allow you to get onto the property ladder much easier.
Concerned about your existing mortgage
The outbreak of coronavirus could potentially impact your monthly income, especially if you have to be isolated. This could really affect the Self-employed and small business’.
If it is getting harder and harder to pay your recurring payments, you may need to contact your lender. Sometimes, they can be understanding and agree on a mortgage payment holiday period to help you out.
Mortgage industry reaction to coronavirus
Now that the interest rates have dropped and lenders are giving no hints of them rising back up, now has never been a better time to get a mortgage. First-Time Buyers, the Self-Employed and Home Movers have never had an opportunity like this in a long time.
Should I pull out of my purchase?
We recommend that you stick with your purchase only if you know that you will be able to afford the payments. For example, if you are worried about losing your job, backing out of the purchase might be your best option. You need to remember, you are not committed to completing your purchase until the contracts are exchanged.
My Remortgage is due – should I switch lender or stay with my current one?
At the moment, nothing has changed at Durhammoneyman. Speak with your Mortgage Broker in Durham and we can advise you on what to do once we have assessed your requirements. We hope to hear from you soon!