What Does it Mean to Remortgage?

A remortgage is when you change from one mortgage deal to another. This could mean sticking with your current lender or switching to a new one. Where it gets a bit more complicated is knowing if remortgaging is right for you, as well as if your circumstances mean you can remortgage:

Can I Remortgage?

You can remortgage at any time. But there is no point remortgaging unless you are going to see positive benefits from switching mortgages or lenders. This is why the decision on whether to remortgage your home needs careful thought and to be informed by expert advice from a mortgage adviser.

The advantage of a remortgage is it may reduce the size of your loan as well as allow you to switch to a cheaper interest rate. Reading these benefits, you may think, why shouldn’t I remortgage? Well, it’s important to be careful. Because certain mortgage agreements feature early exit fees and other possible charges related to remortgaging. This is why it’s important to understand whether you should or shouldn’t remortgage:

Should I Remortgage?

Reasons you should consider remortgaging:

·         If your current deal is about to end and you want to find a better interest rate.

  • You may be considering home improvements such as an extension
  • You may want to add or remove a mortgagee

·         The value of your home has increased by a large amount

·         You want to make overpayments

·         You want to switch from interest-only to a capital repayment loan

These are some of the reasons why you should consider remortgaging. An example of a scenario where this may be valuable is if your initial term has ended and your interest rate has become a standard variable rate. This could mean you are paying more than before. Clearly an ideal time to remortgage.

Many people may try to remortgage their property without understanding their current deal and their possible new deal. To find out if remortgaging is a sensible financial decision it is crucial you:

writing with remortgage, finance and other mortgage words.

Get Expert Remortgage Advice

Mortgage advisers are fully qualified specialists in both the mortgage and property market. A mortgage adviser can help you work out the possible savings you may see from remortgaging your property, allowing you to see if it is worth it.

They can also examine your existing mortgage deal. This means they can tell you if there are any early-exit payments or charges. Your current mortgage agreement may feature a fee-free deal to try and tempt you into remortgaging with your same lender.

Evaluate all your options and work with a mortgage advisor to find the right remortgage deal for you. And if you find you can benefit from remortgaging then this is how you remortgage your property:

How to Remortgage

The first step towards finding the right remortgage rates for you is making a mortgage enquiry. This will put you in touch with a mortgage adviser who can review your information and give you personalised advice. They can then discuss your different lenders and scheme options. So, get in touch today:

Contact Us Today

If you want personal and professional mortgage advice give us a call today. You can call us on01604 300033.Or fill in the enquiry form on our contact page today. 

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.

Guidance – Government advice on home moving during the coronavirus (COVID-19) outbreak

This guidance applies to people buying or selling private residential homes which they intend to live in.Published 26 March 2020From:Ministry of Housing, Communities & Local Government

Contents

  1. Buying and Selling Homes during this stay-at-home period
  2. Advice to the public
  3. Advice to industry

Buying and Selling Homes during this stay-at-home period

Given the situation in the UK with regard to the outbreak of coronavirus (COVID-19), we urge parties involved in home moving to adapt and be flexible to alter their usual processes.

There is no need to pull out of transactions, but we all need to ensure we are following guidance to stay at home and away from others at all times, including the specific measures for those who are presenting symptoms, self-isolating or shielding. Prioritising the health of individuals and the public must be the priority.

Where the property being moved into is vacant, then you can continue with this transaction although you should follow the guidance in this document on home removals. Where the property is currently occupied, we encourage all parties to do all they can to amicably agree alternative dates to move, for a time when it is likely that stay-at-home measures against coronavirus (COVID-19) will no longer be in place.

In the new emergency enforcement powers that the police have been given to respond to coronavirus, there is an exemption for critical home moves, in the event that a new date is unable to be agreed.

Recognising parties will need to alter common practice, we have sought to ease this process for all involved by:

  1. Issuing this guidance, developed with Public Health England, to home buyers and those involved in the selling and moving process;
  2. Agreeing with banks that mortgage offers should be extended where delay to completions takes place in order to prioritise safety; and,
  3. Working with Conveyancers to develop a standard legal process for moving completion dates.

Advice to the public

What does this mean for my property move which is scheduled whilst the stay-at-home measures to fight coronavirus (COIVD-19) apply?

  • Home buyers and renters should, where possible, delay moving to a new house while measures are in place to fight coronavirus (COVID-19).
  • Our advice is that if you have already exchanged contracts and the property is currently occupied then all parties should work together to agree a delay or another way to resolve this matter.
  • If moving is unavoidable for contractual reasons and the parties are unable to reach an agreement to delay, people must follow advice on staying away from others to minimise the spread of the virus.
  • In line with Government’s advice, anyone with symptoms, self-isolating or shielding from the virus, should follow medical advice which will mean not moving house for the time being, if at all possible. All parties should prioritise agreeing amicable arrangements to change move dates for individuals in this group, or where someone in a chain is in this group.

What if an extension goes beyond the terms of a mortgage agreement?

UK Finance have today confirmed that, to support customers who have already exchanged contracts for house purchases and set dates for completion, all mortgage lenders are working to find ways to enable customers who have exchanged contracts to extend their mortgage offer for up to three months to enable them to move at a later date.

If a customer’s circumstances change during this three month period or the terms of the house purchase change significantly and continuing with the mortgage would cause house buyers to face financial hardship, lenders will work with customers to help them manage their finances as a matter of urgency.

If your home is not yet on the market

Getting your home onto the market may be more challenging than usual in this period.There should be no visitors to your home. You can speak to Estate Agents over the phone and they will be able to give you general advice about the local property market and handle certain matters remotely but they will not be able to start actively marketing your home in the usual manner.

  • If you are thinking about selling, you can use this time to start gathering together all of the information you will need to provide to potential purchasers.
  • Advice for people to stay at home and away from others means you should not invite unnecessary visitors into your home, including: Property Agents to carry out a market appraisal or take internal photographs prior to marketing your home; and Energy Performance Certificate assessors.

Viewings

If your property is already on the market, you can continue to advertise it as being for sale but you should not allow people in to view your property.

  • There should not be any visitors into your home, and you should therefore not let people visit your property for viewings. Your agent may be able to conduct virtual viewings and you could speak to them about this possibility.

Accepting offers

The buying and selling process can continue during this period but you should be aware that the process is likely to take longer than normal.

  • You are free to continue to accept offers on your property, however the selling process may take longer.
  • Advice for people to stay at home and away from others means you should not invite visitors into your home, including prospective buyers or advisors.

Exchanging contracts

Once you have exchanged contracts, you have entered into a legal agreement to purchase that home.

  • If the property you are purchasing is unoccupied you can continue with the transaction.
  • If the property you are purchasing is currently occupied, we recommend that all parties should work to either delay the exchange of contracts until after the period where stay-at-home measures to fight coronavirus (COVID-19) are in place, or include explicit contractual provisions to take account of the risks presented by the virus.

Advice to industry

All businesses must follow the Government’s latest Guidance for employers and businesses on coronavirus (COVID-19).

Estate Agents

Estate Agents should ensure they are able to support clients during this period:

  • Agents should work with their clients and other agents to broker a new date to move where sales are due to complete on occupied properties in the current period where emergency measures are in place to fight coronavirus (COVID-19).
  • Agents should prioritise support for anyone with symptoms, self-isolating or shielding from the virus, and those they are in chain with, to agree a new date.
  • In line with advice for certain businesses to close, agents should not open branches to the public during this period, or visit people’s homes to carry out market appraisals.
  • Agents should ensure that employees can work from home, to support existing clients and advise potential new clients.
  • Agents should continue to progress sales where this can be done whilst following guidance to stay at home and away from others.
  • Agents should advise clients to be patient and not to exchange contracts unless the contracts have explicit terms to manage the timing risks presented by the virus.

Conveyancers

Conveyancers should continue to support the sales process as far as possible and should make sure their clients are aware of the difficulties of completing transactions in this period:

  • Conveyancers should continue to support the sales of unoccupied properties as far as possible.
  • Conveyancers should make every effort to support clients who are due to complete on occupied properties in the stay-at-home period to change this date.
  • Conveyancers should advise their clients who are ready to move not to exchange contracts on an occupied property unless they have made explicit provision for the risks presented by the virus.
  • Conveyancers should prioritise supporting anyone with symptoms, self-isolating or shielding from the virus and those they are in chain with, and we urge them to do all they can to help a new date to be agreed in these circumstances.

Surveyors

Surveyors should not expect to carry out non-urgent surveys in homes where people are in residence, and no inspections should take place if any person in the property is showing symptoms, self-isolating or being shielded. It may be possible to carry out some of your work online and also carry out urgent surveys on empty properties, or those where the occupants are out of the property or following guidance to stay at home and away from others.

  • Surveyors should follow the latest Government guidance which currently (26 March 2020) states that work carried out in people’s homes can continue, provided the tradesperson is well and has no symptoms of coronavirus (COVID-19).
  • It is important to ensure Government guidelines are followed, including maintaining a 2 metre distance from others, and washing their hands with soap and water often for at least 20 seconds (or using hand sanitiser gel if soap and water is not available).
  • No work should be carried out by a person who has coronavirus (COVID-19) symptoms, however mild.

Removals Firms

There will be people who have already committed to moving home; where possible we are encouraging them to delay their move but a small number of moves may need to go ahead. We would urge everyone to take all sensible precautions to ensure the move can happen safely.

  • Removers should honour their existing commitments where it is clear that the move can be done safely for the client and your own staff and it is clear that the moving date cannot be moved.
  • Removers should follow the latest Government guidance which currently (26 March 2020) states that work carried out in people’s homes can continue, provided the tradesperson is well and has no symptoms or coronavirus (COVID-19).
  • It is important to ensure Government guidelines are followed, including maintaining a 2 metre distance from others, and washing their hands with soap and water often for at least 20 seconds (or using hand sanitiser gel if soap and water is not available).
  • No work should be carried out by a person who has coronavirus (COVID-19) symptoms, however mild.

Published 26 March 2020

Corona Virus / Covid19 Update (Mortgage)

Covid19 Update (Mortgage)

We’re all facing the difficult challenge of responding to the coronavirus (COVID-19) and our hearts and thoughts go out to the people who have been affected by this. Our primary aim is to support our customers at the times when they most need it, and this is unchanged. In this time of uncertainty, we want to provide you with as much information as we can. We’ll continue to update you on our approach as we continue to monitor this difficult, evolving situation.

Please note that we are working remotely and due both ourselves and Lenders having been impacted by the virus our speed of service may be affected, please be patient in this unprecedented time.

To assist with any questions you may have, please find information below regarding UK lenders and information available regarding payment holidays and the Corona Virus.

Should you require further help or assistance please contact us for assistance at mortgage-admin@mymortgageexperts.co.uk

Accord We can offer a variety of solutions to customers who are worried about meeting their mortgage repayments, including payment holidays. We do need to make sure that solution we offer is right for the individual customer’s circumstances, so if you are having difficulties, please contact us on 0800 138 2403.
Al Rayan Bank We recognise that some of our customers could experience financial difficulties in the coming weeks due to coronavirus-related disruption. We will work with each customer on an individual basis to assess what help is available to help them manage their finances. We would encourage any customers who think they may be affected to contact us as soon as possible. Existing mortgage customers can contact Al Rayan on: 0808 231 2906
Aldermore We are offering customers the option to reduce or defer mortgages payments for up to 3 months. This means you can pay a lower payment or take a break from payments. You’ll need to make up the payments later in your mortgage term and we’ll work with you to find the best way to do this. There won’t be any impact on your credit rating during the period. Some eligibility criteria will apply. We also have other options available, including making overpayments. If you’re able to make an overpayment in the short term you could reduce your monthly payments later on. There are some account terms and conditions and eligibility criteria that apply to this. We can discuss this in more detail if it’s an option for you. Existing mortgage customers can contact Aldermore on: 0333 321 1000 (selecting option 2, option 1, then option 4) or mortgage.servicing@aldermore.co.uk.
Bank of Ireland Bank of Ireland UK are following UK Finance guidelines and will be offering payment breaks up to 3 months to those that need it. We’ll provide this option to your customers that have residential and Buy to Let Mortgages. If you would like to apply for a payment break, please fill in and submit the form at https://www.bankofirelanduk.com/mortgages/existing-customer/coronavirus-support/: However, if your payment is due within the next 7 days and you need immediate financial support, please give us a call on 0800 1699722. We are experiencing high call volumes at the moment though, so it may take a while to get to you.
Barclays As a responsible lender, it is crucial that we offer the right support to our customers at this time. We have therefore decided to offer customers who are potentially facing financial difficulty, a number of options to support them through this time. These include Repayment holidays for up to 90 days. We encourage customers to get in contact with us at the earliest opportunity to discuss the most suitable solution. Existing mortgage customer should contact Barclays on: 0800 022 4022
Bath Building Society At the moment we are speaking to customers on a cases by case basis. Customers should contact us directly if they are worried about their circumstances. Existing mortgage customers should contact Bath Building Society on: 01225 475719
Bluestone Mortgages In accordance with government policy, Bluestone Mortgages will offer a payment holiday of up to three months for eligible customers who are affected by Covid-19, either directly or indirectly. This accommodation is available from 19 March 2020 until 30 April 2020, at which time it will be reviewed. Customers will also be able to continue to make regular or ad-hoc payments to their mortgage during the payment holiday, to allow them to lessen the impact of the increase to the mortgage balance if they are able to. Existing mortgage customers can contact Bluestone on: 0800 368 1833
Buckinghamshire Building Society The Society is committed to supporting members in financial hardship through these difficult times and will absolutely commit to offering the 3 month payment holiday facility. We are currently looking at how best we implement this operationally and how we communicate with our members. We will be logging all requests and will come back to the member with confirmation as soon as possible. Existing mortgage customers should contact Buckinghamshire Building Society on: 01494 879517
Cambridge Building Society We know Coronavirus is leaving some people unsure of whether they’re going to be able to rely on their income. If you’re concerned about whether you’re able to make your mortgage payments please contact us as soon as possible, we have a supportive team who can help you. Contact the team on 0345 601 3344 or take a look at our payment difficulties guide.
Chorley Building Society Borrowers who may be experiencing mortgage payment difficulties as a result of Coronavirus should contact us at the earliest opportunity to discuss the range of payment options available. This can be done by completing this form and emailing to mortgages@chorleybs.co.uk. Upon receipt of this the Society will confirm next steps to them.If required, borrowers will be able to take a 3 month payment holiday. During this period, if they wish they will be able to make a nominal payment to their account or the equivalent of interest only by standing order.If the above arrangements are put into place this will not be recorded on the customer’s credit file.However, in the scenario that a customer doesn’t contact us and misses payments or has payment shortfalls these will continue to be recorded with the credit reference agencies. Existing mortgage customers can contact Chorley on: 01257 235001
Clydesdale Bank If you’ve been affected by coronavirus (due to illness or self-isolation) and are worried about what this might mean for you financially, there are things we can do to help. Please get in touch with us as soon as possible so we can discuss your individual circumstances and find ways in which we can support you. The sooner you contact us, the more we can do. Existing mortgage customers can contact Clydesdale on: 0800 121 4203
Coventry Customers who are up to date with their mortgage payments and not currently in financial difficulty can request a 3 month payment holiday if they need help as a result of COVID 19. Customers will self-certify, disclosing that they are impacted by Coronavirus, we will not be asking for any further validation of this. Providing a payment holiday will not attract arrears or adverse Credit data. Once the payment holiday is over, we will look at options to recalculate deferred payments but will contact the client about this. These deferred payments mean that interest will not be collected on their balance (which is not reducing either). Once recalculated, their payment will increase as the balance + interest on the balance not collected during the holiday will be rescheduled over a slightly shorter term. This applies to Residential and Buy to let lending. Contact number for clients affected – 0800 121 8899
Danske Bank We know that you may be worried about how the current situation could affect you and your money. We’re here to help and have put in place some support measures and information to help ease any concerns. Existing mortgage customers can contact Danske bank on: 0345 6002 882
Darlington Yes we will support the 3 month payment holiday with each request being considered on a case by case basis. Anyone concerned will need to contact our financial support team as soon as they can by emailing customersupport@darlington.co.uk, titling their email “Payment Holiday” and quoting their name and 8 digit account number in the email. Alternatively, Existing mortgage customers should contact Darlington on: 01325 366366
Digital Mortgages by Atom Residential Please be assured that we’ll do everything we can to support you if you are affected by COVID-19 – talk to us via the app, or call us on 0333 399 0050.
Dudley Building Society We recognise that these are unprecedented and difficult times for our borrowers. For any mortgage members concerned about meeting their mortgage repayments at this time please contact our Mortgage Servicing Team at the earliest possible opportunity to discuss what options are available to you. Existing mortgage customers can contact Dudley Building Society on: 01384 231414
Family Building Society Customers can call our Mortgage Service Team on 03330 140 146 to discuss all options.
Foundation Home Loans We will continue to follow existing regulations and processes and will assess each scenario on a case by case basis. Please call us on 0344 770 8030 if you have any concerns over making payments.
Furness Building Society We will be offering residential mortgage customers the opportunity of a three month mortgage payment holiday. The customer would need to call 0800 015 8026 and we would need to capture the reasons why they are looking to take up this offer to fully understand this is the best solution for them. Customers would need to be aware that interest/fees will still accumulate on the mortgage and at the end of the three month holiday payment the monthly mortgage payments will increase as a result of the three month payment holiday. This will not have an adverse effect on their credit report.
Gatehouse Bank In the current circumstances we remain focused on our customers. We understand that the Coronavirus risk may result in our customers needing additional support and we will look to be as responsive as possible. Specifically, for homebuyers and landlords facing financial difficulty, we will help assess their needs to find a suitable payment strategy, which will include providing a payment holiday, if necessary. In addition, savers facing hardship will be able to access funds deposited in our notice or fixed term accounts at short notice and with no penalty. The above is very much in line with the Bank’s existing policies to support customers experiencing issues. We would encourage any customer that is facing financial difficulties to contact us to discuss how we can support them. Existing mortgage customers should contact Gatehouse Bank on: 020 7070 6984 or 020 7070 6981
Halifax As the impact of coronavirus is felt across the UK, you may be worried about how it could affect you and your home. Your peace of mind is still our top priority, so we’ve created some extra ways to help, if you need it. If the coronavirus has affected your income, you may wish to take a mortgage payment holiday. You can ask to take a break of up to a maximum of three months by filling out our online form: https://www.halifax.co.uk/mortgages/existing-customers/payment-holidays/ Existing mortgage customers can contact The Halifax on: 0345 850 3705
Hanley Economic Building Society We will work with every borrower during these difficult times to support them through their mortgage payments. We have a range of forbearance measures including interest only and payment holidays, which will be discussed on a case by case basis with each borrower. As always we urge borrowers to contact us as soon as possible in the event of difficulty to ensure the best solution is put in place. Existing mortgage customers should contact Hanley Economic on: 01782 255000
Harpenden BS We encourage you to contact us and we will offer as much support as we can, and provide payment relief where possible. You can contact us by calling our Mortgage team on 01582 463133.
Hinckley & Rugby We expect the COVID-19 disruption to continue for some time and we are aware that our borrowers may be financially impacted. If you are experiencing or foresee any financial difficulties, our advice is to get in touch with us as soon as possible using our website. We will look at every customer’s situation on an individual basis to determine what solutions we can offer and will allow a 3 month payment holiday for anyone who is affected by COVID-19 as per the recent UK Finance guidelines. Please visit the Society’s website using this link to speak to us. https://www.hrbs.co.uk/contact/ Existing mortgage customers can contact H&R on: 0800 434 6343
Hodge For existing customers, if you are impacted financially by Coronavirus (COVID-19) and have any concerns, please contact us and we will seek to offer help and advice with any queries you may have. Existing mortgage customers can contact Hodge on: 0800 731 4076
HSBC Customers should contact us directly if they are worried about their circumstances. Existing mortgage customers should contact HSBC on: 03457 404 40411
Ipswich Building Society Affected borrowers who are up to date with their mortgage payments and seeking a mortgage payment holiday are asked to complete and return our self-certification request form by post or by email to paymentqueries@ibs.co.uk (we suggest using secure email where possible). Agreed arrangements will not be reported to credit reference agencies. Please note borrowers who are already in a payment shortfall or arrears will need to contact us in the first instance to discuss the options available. To get in touch with our mortgage payments team please call us on 0330 123 0773 or email us at paymentqueries@ibs.co.uk.
Kensington The situation is evolving so quickly that we think it is important to maintain regular contact with our customers, which is why we would like to reassess your situation each month. A payment holiday is a way to defer your monthly instalment, but it will still be payable in the future and your account will still accrue interest; which means a three-month payment holiday may not be the best option for everyone. Existing mortgage customers can contact Kensington on: 020 3827 8940
Kent Reliance We have agreed to support customers who are facing difficulties, as a direct result of COVID-19. Customers will need to contact Kent Reliance to discuss on what basis they are experiencing difficulties. We will then be able to explain the process and impact of a potential payment holiday, agreeing the right course of action to ensure we are working closely with our customers. Existing mortgage customers can contact Kent Reliance on: 0345 671 7274
Leeds Building Society We have a number of options that can help anyone experiencing financial difficulties and will work with borrowers to agree a solution that meets their circumstances. We assess each case individually and you can find more information and contact numbers in the ‘Repayment difficulties’ guide our website: www.leedsbuildingsociety.co.uk/mortgages/payment-difficulties/ Existing mortgage customers can contact Leeds Building Society on: 0345 050 5075
Leek United Building Society F you have been financially impacted by Coronavirus and you’re worried about how you’re going to pay your mortgage, please contact us. We’re here to help with a range of available options for you. You may wish to: Agree a payment holiday of up to three months as outlined in the Chancellor’s address on Tuesday, 17 March 2020. Agree a reduction on your monthly payments for three months. Extend the term of your mortgage to reduce the monthly payments. Change the way you make your payment or the date of your direct debit. Together we can review your individual circumstances to find a solution that is right for you. Please get in touch with us to discuss any concerns you may have so we can work to find the best solution for you at this difficult time. Call us 0800 783 0847 Email us at leeksupport@leekunited.co.uk
Mansfield Building Society The Society understands that some of its borrowers may find themselves in financial difficulty as a result of issues associated with Coronavirus. We would encourage any borrower who is experiencing difficulties to contact us as soon as possible. To support borrowing members, whether they are impacted directly or indirectly by Coronavirus, Mansfield Building Society like many other mortgage lenders will consider offering a payment holiday for up to 3 months to those members who are up to date with their mortgage payments and are experiencing issues with their finances as a result of Coronavirus. This may not be the right solution for you and so any member who is concerned about their current financial situation should get in touch with us at the earliest possible opportunity to discuss what options may be suitable for them. The Society’s friendly and experienced staff will look to understand each customer’s individual circumstances on a case by case basis to help you reach the most appropriate solution. Please contact us on 0800 092 8564 or 01623 676344 for advice or support, or by e-mail to mortgages@mansfieldbs.co.uk.
Market Harborough Building Society Market Harborough Building Society has Mortgage Specialists on hand to offer assistance if customers are being affected by COVID-19 (Coronavirus) and are concerned about making forthcoming mortgage payments. The Society can offer various potential solutions and encourage customers to contact us directly and discuss options available to them based on their individual circumstances. Existing mortgage customers can contact MHBS on: 01858 412610
Masthaven We recognise that the coronavirus outbreak will cause significant financial difficulty for many people. Existing customers should get in touch and we can explain the process. Existing mortgage customers can contact Masthaven on: 0207 036 2012
Melton Building Society We understand that some customers may be worried about the effect that contracting the Coronavirus (COVID-19) could have on their finances, for example due to a drop in income as a result of contracting the virus or because of the measures imposed to stop it spreading. If you have any concerns about how this could affect you and your mortgage, please click here to read the leaflet produced by the Building Societies Association and National Debtline or please get in touch on 01664 414141.
Metro Bank In line with the announcement from UK Finance, customers with a Metro Bank mortgage will be able to request a three month repayment holiday where they are experiencing issues with their finances as a result of coronavirus. Under usual circumstances we would assess the customer’s financial situation and ask them to provide information so that we can consider what forbearance options may be the most suitable. We recognise that these are exceptional circumstances and we want to support our customers, so we are not asking them to provide proof in order for us to consider a repayment holiday. We only ask that they call us so that we can discuss their situation and how we can support them. This measure covers residential mortgages and buy-to-let mortgages for landlords whose tenants are experiencing difficulty due to coronavirus. Customer who are already in arrears may not be eligible for a payment holiday, but there are other ways that we can support them so we encourage them to get in contact. Existing mortgage customers can contact Metro bank on: 0345 319 1200
Nationwide We continue to support members affected by coronavirus on a case-by-case basis and that includes offering payments holidays where needed. These will not be registered as arrears on the credit file. To apply for the payment holiday, customers can call 08004643030 and 0800302011 or apply online at https://www.nationwide.co.uk/support/coronavirus/mortgage-payment-holiday
Natwest Customers can get information or webchat with us via natwest.com,ulsterbank.co.uk or rbs.co.uk, depending on the brand their mortgage is with. They can also get the right contact details if they wish to discuss their circumstances. Our Specialist team will assess the customer’s circumstances and if they can’t pay their mortgage due to the impacts of coronavirus, they will be eligible for a mortgage holiday. Those assessments will take place when the customer contacts us. Customers will not be considered to be in arrears during the period of an agreed mortgage payment holiday if they were up to date when the repayment holiday was entered into, and there will be no impact on their credit file. However customers credit score may be negatively affected if they miss a payment and haven’t already applied for a mortgage holiday. Where a customer is already in arrears when they approach us for additional help, we will look at what further assistance we can offer. The payment holiday period can last for up to 3 months and no further evidence will be requested following the discussion with our dedicated team. Payments to both capital and interest are suspended during the agreed period and interest will continue to accrue during the holiday period. Payments are recalculated at the end of the holiday period to repay the new balance over the remaining term. There is currently no facility for an Interest Only Switch process for customers on Capital and Interest mortgage contracts Existing mortgage customers can contact Natwest on: 0345 302 0190
NatWest International We know you may be worried about being impacted financially due to coronavirus (COVID-19), and we want to support you. We have put a range of measures in place to help support you if you’re experiencing financial difficulties as a result of the outbreak including payment holidays on Mortgages, and Loan deferral for up to three months. Please contact us for more information. Existing mortgage customers can contact Natwest International on: +44 (0) 1624 632323
Newbury Building Society We are open for business but please bear with us as we adapt to the impact of Covid19 (Coronavirus) The Society is monitoring the outbreak of Covid19 (Coronavirus) closely to ensure we are taking the necessary steps to protect our colleagues, maintain our services and support our customers. We expect the Covid19 disruption to continue for some time and although the effects should be temporary, we are aware that our borrowers may be financially impacted.  To support borrowing members, whether they are impacted directly or indirectly by the Covid-19, Newbury Building Society like many other mortgage lenders will offer a payment holiday for up to 3 months to those members who are up to date with their mortgage payments and are experiencing issues with their finances as a result of the Covid-19. There are other solutions available. Please refer to the information provided to borrowers on our website. Please bear with us Due to the impact of Covid19, our Customer Service Teams in branches and head office are experiencing higher than normal volumes of calls and transactions. We would like to thank you for your patience and will deal with enquiries as soon as we can. In these difficult times, we remain focused on providing you with the excellent service and support you have come to expect of us, and we thank you for your continued loyalty. Our Helpdesk remains open and the team is contactable to help with any mortgage cases you may have. Please continue to check www.newbury.co.uk for the latest updates. Existing mortgage customers can contact Newbury Building Society on: 01635 555 700
Newcastle Building Society In line with the package of financial support announced by the Chancellor of the Exchequer, we are committed to support customers who experience difficulty with mortgage payments as a result of coronavirus. This includes payment holidays for a minimum of three months. If you are concerned about your financial situation please get in touch with us at the earliest opportunity; we have a range of options that we can consider in order to provide the support you need. You can email: mortgage.support@newcastle.co.uk or call our helpline number on: 0345 702 3083. Lines are open from 9am to 6pm Monday to Thursday, and 9am to 5pm on Fridays.
Norton Home Loans Customers experiencing a temporary loss of income due to the Coronavirus outbreak can apply for a payment break or holiday subject to proof of change in circumstances. This will not impact customer’s credit reports and no fees will be charged although interest will still accrue. Existing mortgage customers can contact Norton Home Loans on: 01709 512513
Nottingham Building Society If you’ve been affected by Coronavirus, due to illness, self-isolation or any other factor, and are worried about future payments, there are ways we can help. Here are some of the support options available for mortgage customers; Change the way you make your payments, or the date you pay them on Agree on reduced payments for a period Arrange a new payment plan to help you through this difficult period Look to increase your mortgage term to a longer period of time (reducing your monthly payments). A mortgage holiday of up to three months, as outlined in the Chancellor’s statement on March 17th – those interested in this option should contact paymentholiday@thenottingham.com and the team will be in touch to assess your eligibility For all other payment difficulty queries, contact our Customer Support Team and they will go through your individual circumstances and discuss the best options to help. Email collections@thenottingham.com and request a call back. Existing mortgage customers can contact The Nottingham on: 0115 956 4670
Platform One of the ways we are helping is to offer customers impacted by coronavirus a mortgage payment holiday for up to 3 months. We don’t apply penalties for missed payments and a payment holiday won’t have any adverse impact on your credit status. If you need a Payment Holiday, please send us an email including the following information: Name, Postcode and house number, Lender, Length of payment holiday (up to 3 months) Please include Reason: Loss of employment, Self-employed – business impact, Reduced hours, Illness/Self Isolating, Child care reasons, Other. If you have a Co-operative Bank or Britannia mortgage, please email; britanniacollections@co-operativebank.co.uk If you have a Platform, Mortgage Agency Services or Verso mortgage, please email; opt.plymouth@wmsl.co.uk Existing mortgage customers can contact Platform on: 08000 288 288
Post Office Post Office Money are following UK Finance guidelines and will be offering mortgage payment breaks p to 3 months to those that need it. We’ll provide this option to your customers that have residential and Buy to Let Mortgages. The payment breaks offered will not affect customers’ credit files at the Credit Reference Agencies. If you would like to apply for a payment break, please fill in and submit the form at https://www.bankofirelanduk.com/mortgages/existing-customer/coronavirus-support/: However, if your payment is due within the next 7 days and you need immediate financial support, please give us a call on 0800 1699722. We are experiencing high call volumes at the moment though, so it may take a while to get to you.
Precise Mortgages As you may expect we are receiving a large number of enquiries relating to mortgage payments as a result of Covid-19. These are unprecedented times and our Collections Department is dealing with these enquiries as quickly as they can. Please bear with us; we will endeavour to respond to calls and emails as soon as possible. If you would prefer us to call you back, please email your mortgage account number to collectionsenquiries@precisemortgages.co.uk and we will contact you as soon as possible. Please only email your mortgage account number and no other personal data. Alternatively, if you do wish to call us, you can contact us on 0800 781 8558. Please note that there are a number of options available, including payment holidays. Note that in accordance with the guidance issued by the Credit Reference Agencies, the account status reported on credit files will be recorded as either ‘0’ or ‘U’. This classification seeks to preserve the borrowers credit record during the payment holiday period. Please also note that if your payment is not due within the next 5 days, please call back at a later time to allow us to deal with the customers payments who are due.
Principality We appreciate you might be concerned about the impact of coronavirus and want to reassure you that we’re here to help with any worries you might have about your savings and mortgages with us. We want to be as flexible as we can be in helping our Members and colleagues through these challenging times. Principality Building Society will consider up to a 3 month payment holiday should they be unable to make their next mortgage payment. Our priority remains the wellbeing of our Members and colleagues but in order for us to ensure we’re able to help our most vulnerable Members, please only call us if you require immediate assistance with your mortgage. Customers should contact – arrearsreferrals@principality.co.uk Existing mortgage customers can contact Principality on: 0330 333 4000
Saffron Any Saffron customers directly affected should contact the customer services team as soon as they can, in confidence, on 0800 072 1100 and select Option 2 then 2, or visit the Saffron Building Society website.
Santander We’ve launched a new online form on santander.co.uk to allow existing residential and Buy to Let customers who are impacted by coronavirus to apply for a mortgage payment holiday. This is the quickest and easiest way for a customer to apply and is currently available to customers who are not in arrears and pay by Direct Debit. Please encourage clients to apply online wherever possible – https://mortgagesignup.santander.co.uk/onlinecredential/mortgage-holiday. Alternatively, existing mortgage customers can contact Santander on: 0800 783 9738
Scottish Building Society If you are having difficulty paying your mortgage as a result of the coronavirus outbreak, please contact our mortgage team to discuss your options. You can email us at homortgages@scotbs.co.uk Existing mortgage customers can contact Scottish Building Society on: 0345 600 4085
Scottish Widows Customers should contact us directly if they are worried about their circumstances. Existing mortgage customers can contact Scottish Widows on: 0345 845 8555
Skipton If your clients with a Skipton residential mortgage are concerned about making repayments as a result of the current Coronavirus situation, we’re here to support them. We’re currently experiencing a high number of calls, which might be making it difficult for your clients to get in touch, so we’ve set up a dedicated email PaymentHolidayRequests@skipton.co.uk for customers to contact us and request a call back. Within the email please ensure your client provides their mortgage account number and the best number for us to contact them on. This means they won’t have to wait in a queue. Once a call back has been requested, we’ll be in touch as soon as we can to discuss their individual circumstances, which will include the option of providing a mortgage payment holiday of up to three-months for any residential or BTL mortgages. In the meantime, we are asking our mortgage customers to leave their Direct Debit in place if they have sufficient funds to cover their regular monthly payment. They can also make a payment by bank transfer using our bank details, which you can find on our Ways to pay your mortgage page. First and foremost, we’re here to support you and your clients, but please remember our people are also affected by the current situation, so we thank you for your patience and understanding during this unprecedented time. Existing mortgage customers can contact Skipton on: 0345 850 1711
Stafford Railway Building Society We will be speaking to credit reference agencies to ensure consistent treatment of those customers to whom a repayment holiday is made available. We recognise that these are unprecedented and difficult times for customers. This is why we are offering customers who are up to date with their mortgage payments and impacted by COVID-19 the ability to self-certify if they need help. We will commit to help customers the best way for the individual, but an automatic payment holiday may not always be the most suitable approach and may not be required by all customers. Should the customer wish, we could conduct a full assessment of their finances. It’s therefore important that customers who believe they may be impacted by COVID 19, either directly or indirectly, contact their lender at the earliest possible opportunity to discuss if the payment holiday is a suitable option for them. Existing mortgage customers can contact Stafford Railway on: 01785 223212
Swansea Building Society The Society understands that some of its members may find themselves in financial difficulty as a result of issues associated with Coronavirus. We would encourage any borrower who is experiencing difficulties to contact us as soon as possible. The Society’s friendly and experienced staff will look to understand each customer’s situation on a case by case basis to help you reach the best solution based on your individual circumstances. Please contact us on 01792 739110 for advice or support.
Teachers Building Society Any customer experiencing financial difficulties should contact the Society on 0800 783 2367 to discuss both their personal situation and the options that may be available to them.
The Mortgage Lender Yes. We are dealing with a high number of calls at the moment. To help those most in need, we are asking that you only call us if you are having trouble making your next mortgage payment. We can discuss suitable options including a payment holiday on your mortgage, although this will result in you paying back more interest on your mortgage overall. The number to talk to us on is: 0344 257 0427
Tipton & Coseley Yes, self-certification of their need for help (payment holiday) will be accepted as long as the customer is currently up to date with their mortgage payments. Customers who prefer to go through a proper assessment to find a more suitable solution such as reduced monthly payments or interest only, are encouraged to contact us directly to consider their situation on an individual basis. Existing mortgage customers can contact The Tipton on: 0121 557 2551
Together Money Yes, as per government policy we will grant a 3 month payment holiday to anyone wanting to self-certify that they are impacted by COVID-19. No additional evidence or financial statement are required. Existing mortgage customers can contact Together on: 0333 455 2305
TSB If you are able to maintain your mortgage payments, you should continue to do so. However, if you have been financially impacted by COVID19 and this is impacting your ability to meet your monthly mortgage payment, then you are able to request a payment holiday up to a maximum of 3 months as long as you are currently up to date with your mortgage repayments without any impact on your credit file. If you are currently in arrears, please contact our financial difficulty team on 0345 835 3374 (open 8am – 7.30pm weekdays and 8am – 12.30pm Saturday), who will be able to support you with alternative treatments. If you choose to take a payment holiday you will need to be aware that the interest usually charged within your monthly payments will be added to the balance of the mortgage. Your account will be re-calculated at the end of the instalment break and written confirmation will be sent out approximately 2 weeks before your payments are due to restart. The payment will be calculated at that time using your higher balance and spread throughout the remaining term. Switching to a new mortgage deal is not permitted during a payment holiday.
Ulster Bank We understand that these are uncertain times, and many of you may be worried. We want to assure you that looking after our customers and colleagues is our number one priority, and we are closely following advice from government and the relevant authorities to make sure that we are prepared. If you’re concerned about being affected financially or being unable to get to the bank due to coronavirus (COVID-19), we’re here to help and can offer payment holidays on Mortgages, and Loan deferral for up to three months. If your income has been impacted and you know you are not going to be able to make your monthly mortgage payments, we can offer our existing mortgage customers a 3 month payment holiday. We need you to send an email to us at mortgage-paymentholiday@ulsterbank.com providing the key information we need to review and process your request. Please ensure you include all the following information within your email: All mortgage account numbers for which you are seeking a payment holiday Your full name (including any middle names) Property address details for the mortgage number(s) provided Please confirm if all your mortgage payments are up to date How many months payment holiday are you looking for (1, 2 or 3) From the start of which month would you like the payment holiday to commence Alternatively, existing mortgage customers can request a call back on: https://digital.ulsterbank.co.uk/personal/mortgages/manage-your-ulster-bank-mortgage.html
Vida Homeloans We recognise these are worrying times for many people and we are committed to supporting our customers as much as we possibly can. Belmont Green has a well-established forbearance policy in place to assist vulnerable customers. We will use this policy to support customers affected by the epidemic to ensure a fair customer outcome in each case. We will consider each case on its individual merits to ensure we get the best tailored outcome for each customer. We will carry out a full assessment before considering the appropriate measures needed. We can reassure our customers we will be doing all we can to ensure we achieve a fair outcome for them, based on their own individual situation. Existing mortgage customers can contact Vida on: 0344 892 0155
Virgin Money Https://uk.virginmoney.com/virgin/mortgage-payment-holiday/ – Please complete this form if you are experiencing financial difficulties due to the current coronavirus situation, and would like to arrange a mortgage payment holiday. We’ll take a look at your request and come back to you over the next week to confirm when your mortgage payment holiday will start. Our contact centres are extremely busy at the moment, so completing this form to request a mortgage payment holiday is the fastest way for it to be put in place for you. Existing mortgage customers can contact Virgin on: 0345 602 8301
West Brom for Intermediaries We already have policies in place to help borrowers who fall into financial difficulty, and this includes circumstances caused by Coronavirus. We have also signed up to the UK Finance led agreement to support customers who have been financially impacted due to Coronavirus. This help includes allowing members to reduce or defer mortgage payments for up to three months if needed. Importantly, we will work with you to identify the options we have to help you manage your particular situation, so please contact us as at the earliest opportunity if you’re facing financial difficulty. You can contact us either by calling our Customer Services team on 0345 241 3784 or messaging us via the Live Chat function on our homepage.
Bank of China The lender is currently formulating their criteria and policy. Please check back over the coming days for the details as they are released. Existing mortgage customers can contact Bank of China UK on: 0800 389 5566
Beverley Building Society The lender is currently formulating their criteria and policy. Please check back over the coming days for the details as they are released. Existing mortgage customers can contact Beverley Building Society on: 01482 881510
Earl Shilton Building Society The lender is currently formulating their criteria and policy. Please check back over the coming days for the details as they are released. Existing mortgage customers can contact Earl Shilton Building Society on: 01455 844422
Ecology Building Society The lender is currently formulating their criteria and policy. Please check back over the coming days for the details as they are released. Existing mortgage customers can contact Ecology Building Society on: 01535 650 770
First Trust Bank The lender is currently formulating their criteria and policy. Please check back over the coming days for the details as they are released. Existing mortgage customers can contact First Trust on: 0345 6005 925
Kingdom Bank The lender is currently formulating their criteria and policy. Please check back over the coming days for the details as they are released. Existing mortgage customers can contact Kingdom Bank on: 0115 921 7250
Loughborough Building Society The lender is currently formulating their criteria and policy. Please check back over the coming days for the details as they are released. Existing mortgage customers can contact The Loughborough Building Society on: 01509 631952 or email mortgages@theloughborough.co.uk.
Marsden Building Society The lender is currently formulating their criteria and policy. Please check back over the coming days for the details as they are released. Existing customers can contact The Marsden on: 01282 440500
MBS Lending Ltd The lender is currently formulating their criteria and policy. Please check back over the coming days for the details as they are released. Exisiting Mortgage customers can contact MBS on: 01664 414141
Monmouthshire Building Society The lender is currently formulating their criteria and policy. Please check back over the coming days for the details as they are released. Existing mortgage customers can contact Monmouthshire Building Society on: 01633 844 370
Pepper Money The lender is currently formulating their criteria and policy. Please check back over the coming days for the details as they are released. Existing mortgage customers can contact Pepper on: 03333 701 102
United Trust Bank The lender is currently formulating their criteria and policy. Please check back over the coming days for the details as they are released. Existing mortgage customers can contact United Trust Bank on: 020 7190 5555
Vernon Building Society The lender is currently formulating their criteria and policy. Please check back over the coming days for the details as they are released. Existing mortgage customers can contact Vernon Building Society on 0161 429 6262

Corona Virus / Covid 19 Update (Insurance)

Covid19

We’re all facing the difficult challenge of responding to the coronavirus (COVID-19) and our hearts and thoughts go out to the people who have been affected by this. Our primary aim is to support our customers at the times when they most need it, and this is unchanged. In this time of uncertainty, we want to provide you with as much information as we can. We’ll continue to update you on our approach as we continue to monitor this difficult, evolving situation.

Please note that we are working remotely and due both ourselves and insurers having been impacted by the virus our speed of service may be affected, please be patient in this unprecedented time.

To assist with any questions you may have, please find a link below to life assurance provider websites for updates with regards to the virus.

Should you require further help or assistance please contact us for assistance at protection@myprotectionexperts.co.uk.

Aegon – https://www.aegon.co.uk/coronavirus.html

AIG – https://www.aiglife.co.uk/advisers/products/individual-protection/coronavirus-individual-qa/

Aviva – https://www.aviva.co.uk/aviva-edit/the-impact-of-coronavirus/

Exeter – https://www.the-exeter.com/news/coronavirus-covid-19/

Guardian – https://www.guardianlife.com/coronavirus

Holloway – https://www.holloway.co.uk/coronavirus

Legal & General – FAQ’s below

LV – https://www.lv.com/coronavirus-update

Royal London – https://adviser.royallondon.com/protection/campaigns/coronavirus-statement/

Shepherds Friendly – https://www.shepherdsfriendly.co.uk/news/novel-coronavirus-covid-19-member-update

Scottish Widows – https://www.scottishwidows.co.uk/contact-us/

Vitality – https://www.vitality.co.uk/media/vitality-opens-up-access-to-telephone-gp-service-during-coronavirus-outbreak/

Coronavirus (Covid-19) – FAQ’s Legal & General

I’m due a medical exam/ nurse screening. What should I do?

We work with Harley Street Doctors and Medicals Direct Group to provide medical examinations or nurse screenings. We’re working together to apply the latest government advice and guidance, whilst appreciating that you may not wish to have face to face contact. At this time the process remains unchanged and they’ll contact you to arrange an appointment. To safeguard our staff they’ll be asking you;

  • if you’ve travelled to an identified high-risk area in the last 14 days.
  • if you’ve been in close contact with someone with COVID-19
  • if you think you have COVID-19

Will Harley Street Doctors & Medicals Direct Group be diverted to deal with treating COVID-19?

Currently both Harley Street and Medicals Direct are not being used to support the NHS; however we’ll continue to monitor this position.

What happens when you require a report from my GP?

We obtain medical evidence on a small number of applications where necessary. We appreciate the NHS are experiencing unprecedented challenges currently, which might cause a delay in receiving these reports.

Do I need to chase my GP?

We’re aware that some surgeries are unable to complete GP reports and are asking insurers not to chase them up at this time. While we haven’t experienced this ourselves, we’ll continue to monitor this closely and try to reduce any impact as much as we can.

How are you considering your employees?

Steps have been put in place to safeguard our staff. There are travel restrictions in place and following successful continuity testing we’ve now advised all employees who are able to, to work from home.

Please remember, you can access all of your documents on My Account including updating direct debit and contact details, simply visit https://myaccount.landg.com/ or alternatively speak to your financial adviser.

Will COVID-19 affect me taking out a policy?

Our underwriting philosophy has not changed in light of COVID-19, and we’ve made no changes to our questions, we’ll keep this under constant review. As always please answer the questions on our application form accurately. If you’re experiencing any COVID-19 symptoms or waiting on test results we will postpone your application until you’re recovered or have the results.

Can I claim for COVID-19?

  • Bereavement

In the unfortunate event that COVID-19 leads to a claim, we’ll approach this as we normally would. Please refer to your policy documents for information on what would be a valid claim, including any exclusions that may apply to your policy.

  • Critical Illness Cover

Coronavirus isn’t a specified critical illness under the terms of our policy. In the unfortunate event that you were to develop a critical illness that we cover as a result of Coronavirus, we would approach this claim in the same way as we would usually. For more details of your policy please refer to your policy documents.

  • Income Protection Benefit

People may be off work due to self-isolation without necessarily experiencing symptoms. Our product terms state that individuals would need to have a medical condition to qualify under the income protection Terms and Conditions. However, we will consider the medically advised 2 week period of self-isolation as counting towards any work absence, even if the coronavirus (Covid-19) has not yet been diagnosed.

Will you exclude COVID-19 in any new plans being taken out?

We have no current plans to apply an exclusion or to change our current underwriting approach. We’ll continue to monitor the situation as it develops.

I’m over 70 and need life cover, what can I do?

We haven’t changed our application process in light of COVID-19. Provided you answer the questions on our application form accurately there may be products suitable for your needs. If you’re unsure we recommend you speak to a financial adviser.

Need further assistance?

What Is A First-Time Buyer?

The first step onto the property ladder is one of the most exciting moments in someone’s life. Buying a house for the first time is an incredible feeling. Getting to the point where you own your first home is the tricky part.

But buying a house for a first-time buyer doesn’t have to be stressful or complicated. With the right advice and guidance, you can save money and time. If you want to find out what benefits you are entitled to as a first-time buyer a mortgage adviser can guide you:

As a first-time buyer, you do not have to pay stamp duty on the first £300 000 of a house valued up to £500 000. As well as this there are a number of schemes that can help keep your costs down. This is why it is important to know if you qualify as a first-time buyer, so you can take advantage of these benefits.

First-Time Buyer Explained?

You will qualify as a first-time buyer if you have never owned a residential property before, in the UK or abroad. This extends to both freeholds and leaseholds. Simple.

So, if you qualify as a first-time buyer what are some of the benefits and schemes you are entitled to:

Help to Buy Scheme

If you are a first-time buyer with a small deposit you could be eligible to use a Help to Buy scheme. Also known as a Help to Buy mortgage. The Help to Buy scheme is an equity loan where the government lends first-time buyers funds to buy a new-build home. As long as the purchase price is under £600 000.

This scheme allows you to borrow 20% of the value of the house you’re purchasing interest-free for five years. Provided you have a minimum 5% deposit. In London, you can borrow up to 40% of the property’s value. The loan borrowed from the government is repaid alongside the mortgage across a set-term.

first time buyers image with coffee mug
Conceptual hand writing showing First Time Buyers. Business photo text demonstrating buying house or flat who has not previously owned Mug of Hot Coffee with Blank Color Speech Bubble Steam icon

Shared Ownership

In the current financial climate, many people cannot afford a deposit that qualifies them for a mortgage. One way around this is to consider shared ownership when buying a house. This means you buy a share in a house from the landlord and pay rent on the remaining share.

Although this means you have mortgage payments alongside rent this can work out cheaper than a conventional mortgage. And importantly for first-time buyers, it means you don’t have to put down a large deposit to secure a mortgage. As the value of the property you’re purchasing is reduced because you are only buying a share in the house.

Rent to Own

The Rent to Buy scheme allows tenants who rent their homes from their local council to buy their home outright at a discount. The discount varies depending on the property and where you live in the UK.

To find the right mortgage solution for you, as a first-time buyer, it is crucial you contact a mortgage adviser:

Guarantor Mortgages

Assistance is you are struggling to raise a deposit.

A guarantor mortgage is a way of securing a mortgage when you do not have the required deposit. A Guarantor someone who agrees to act as a mortgage guarantor for you, the Guarantor commits to covering the repayments if you fail to do so.

Sometimes this type of Mortgage is called a family assisted mortgage, a guarantor mortgage is a way for parents (or grandparents) to help their family on to the property ladder.

The guarantor will not own a share of the house, and they won’t be named on the deeds. Being a guarantor simply means signing a legal agreement to cover mortgage repayments if the actual borrower falls behind.

Contact Us Today

Get in touch with one of our friendly and expert mortgage advisers today to find the right mortgage for you. As a first-time buyer, buying a house is completely new.

A mortgage adviser can guide you through the process and ensure you end up with the best value mortgage for your circumstances. Give us a call today on 01604 300033. Or fill in the enquiry form on our contact page today.

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Residential Property Review – January 2020

Residential Property Review – January 2020

Our monthly residential market review is intended to provide background to recent developments in property markets, as well as to give an indication of how some key issues could impact in the future.

Experts’ predictions for 2020 – ‘cautiously optimistic’

The Conservatives’ general election win and increased certainty on the direction of Brexit have led property experts to predict growing confidence in the housing market in 2020. However, their optimism is cautious, according to researchers at Savills who have predicted a 1% rise. The Royal Institution of Chartered Surveyors gave a more confident prediction of 2%.

Nitesh Patel, Yorkshire Building Society’s strategic economist, commented: “Sales to first-time buyers are buoyant and now account for around half of all house purchases. A strong jobs market and low mortgage rates are likely to support the market, but concerns around affordability may limit the number of people wanting to move home.

Britain’s most affordable commuter towns revealed

On 2 January, Rail fares increased by an average 2.7% across the board, meaning that commuters could be paying up to £132 more for their season tickets this year.

Your location can have a huge impact on your travel costs, as recent research from property website Zoopla has shown. The study combined the average cost of a season ticket with the average yearly mortgage repayment, to reveal the most affordable commuter towns to live in this year.

For commuters to London, Grays in Essex is officially the cheapest commuter town, with mortgage repayment and sales ticket costs totalling £15,008 per year. The top three for London commuters is then completed by Leagrave in Bedfordshire (£15,399) and Crayford in Kent (£15,662).

Outside London, the best value commuting town for Bristol is Newport in Wales. Wolverhampton offers the best value for Birmingham and commuters to Manchester should look to Hindley. If you want to save money on your commute to Edinburgh, you could consider buying in Dunfermline to keep your costs down.

Edinburgh is best city to live in as a young adult

Comparison site, Compare the Market, recently rated the Scottish capital as the best place to live for 18 to 35-year-olds. The site analysed aspects such as rental costs, living expenses, mental wellbeing and nightlife to come up with the final list.

Manchester, Bristol, Liverpool, Newcastle and Glasgow also made it onto the top 10 list. Newcastle was found to boast the cheapest average monthly rent (£567), while, unsurprisingly, London is the UK’s best paid city, with an average salary of £47,089.

Gap narrowing between buyers’ and sellers’ expectations

In Q4 2019, Savills conducted analysis on its prime regional markets to come up with a list of top factors likely to influence the residential property market in 2020.

Almost three quarters (72%) of Savills regional sales teams identified Brexit uncertainty as a major challenge for 2020, while 54% said that a lack of housing stock would become problematic as buyer demand increased.

Importantly though, many teams observed that buyers and sellers’ pricing expectations were becoming more closely aligned, with sellers willing to accept more realistic offers and buyers happier to pay asking prices.

House Prices Headline Statistics
House Prices Changes by Region
Average Monthly Property Price by House Type
Mortgage Activity

It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.

Residential Property Review – December 2019

Residential Property Review – December 2019

Our monthly residential market review is intended to provide background to recent developments in property markets, as well as to give an indication of how some key issues could impact in the future.

A Conservative majority – what next?

According to Knight Frank, some certainty has returned to the property market following the general election result. Their opinion is that there will be growth in both property demand and supply, as those who were holding off acting in the midst of political uncertainty decide to take the plunge.

Knight Frank also believe there could be a shortage in private rental properties, particularly in the prime London market, with landlords taking advantage of improved market conditions to put their properties up for sale instead.

There is also the impending Budget, expected in February 2020, to take into account. The threat of proposed tax changes could prompt prospective buyers to act before these pass into law.

First-time buyers will be a key policy focus for the new government, having said they will refocus efforts on home ownership, particularly for first-time buyers. Although the manifesto reiterated the Help to Buy Equity Loan Scheme would be scaled back in 2021, subsequently ending in 2023, it pledged a review of methods to support home ownership following its completion.

Cash purchases hit record low

Decreasing numbers of investors and downsizers have meant cash purchases of property have fallen to a record low, according to the latest Land Registry data. At just 28%, that’s the lowest proportion of sales since records began.

Purchases without a mortgage typically run above 30%, with a peak of 36% recorded in 2009. In March that year, prices hit their post-credit-crunch low, making them appear more affordable for those with the means to buy. One decade later, though, house prices are over 50% higher and new tax rules mean, for investors and overseas buyers, associated expenses have risen by even more.

Every region of the country saw a decline in cash buyers, with London reporting the lowest proportion of cash purchases in the survey. The attraction of the South West appears as strong as ever, where cash purchases were the highest in the UK, at 34%.

Northern cities lead the way on house prices

Houses in the northern cities of the country may cost less, on average, than those in the South East, but prices are rising at a faster rate.

According to the latest Zoopla Cities House Price Index (to end October 19), Edinburgh, Manchester, Glasgow, Liverpool, Leeds, Nottingham, Newcastle and Birmingham all saw average rises of at least double that of London. Leicester topped the list with 4.7% growth, while Bournemouth was the only southern city to muster anything above 2%.

One city to buck the rising trend was Aberdeen, where the fallout from lower oil prices continues to hit. Here, house prices fell 5.9% compared with the same time last year.

House Price Headline Statistics – December 2019
House Price Change by Region – December 2019
Average Monthly Price by Property Type
Mortgage Activity – Dec 2019

It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.

ARE YOUR FINANCES MORTGAGE-READY?

Preparing to buy my new home – Get Mortgage Ready

Time spent organising your finances before you apply for a mortgage will help lenders assess your suitability and may even result in them lending you more.

ASSESS CURRENT DEBTS

A prospective lender will want to know about any debts you already have. If you can afford to, pay down loans and credit card balances, but make sure you have enough saved for unexpected emergencies.

CHECK YOUR CREDIT RATING

The better your credit rating the better mortgage offer you can expect. You can improve your rating by making sure you’re on the electoral roll, paying utility bills on time and paying off your credit card balance in full each month.

CANCEL UNUSED SUBSCRIPTIONS

It’s too easy to continue to make monthly payments for services you no longer use or need. Check through your direct debits and standing orders and cancel those no longer in use.

FAMILY HELP

Your parents or grandparents may be able to help you by giving or lending you some money. If not, they may be prepared to act as a guarantor.

ASK AN EXPERT

A mortgage is a big commitment and it’s a good idea to take advice to find one that really suits your circumstances. We can help you navigate your way.

A mortgage is a loan secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

BANK OF MUM AND DAD STILL PAVING THE WAY TO PROPERTY PURCHASES

Children are still relying on financial assistance from their parents to get their foot on the property ladder. For ‘Generation Rent’, becoming a homeowner is harder than ever, meaning that the Bank of Mum and Dad continues to play a significant role.

Parental support has become so vital, in fact, that the Bank of Mum and Dad became Britain’s 11th largest mortgage lender in the year to 2018, providing £6.3bn to aspiring homeowners, both young and even some middle-aged adults. Over the same period, 20% of property transactions were supported in this way.

Children have seen a significant increase in parental contributions since 2018, which have risen by over £6,000 to £24,1003 – double the average house price increase of £3,000. Interestingly, research suggests that it’s not just young adults or first-time buyers benefiting from parental assistance. In fact, 22% of those aged between 45 and 54 have enjoyed a welcome boost from BoMaD.

And, with 35% of prospective home buyers expecting to need financial assistance from their family in the next five years, it would appear that the Bank of Mum and Dad’s prominence in the mortgage market is far from diminishing.

3Legal and General, June 2019

A mortgage is a loan secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

RETIREMENT INTEREST-ONLY MORTGAGES: SHOULD YOU GET ONE?

The demand for mortgage products for older borrowers is growing and with lenders now more willing to lend to this age group, now could be the time to explore new ways of funding your retirement years.

A retirement interest-only mortgage is specifically designed for those over the age of 55 and for pensioners. The loan is secured against your property and can help fund your retirement lifestyle by repaying debts, carrying out home improvements or making lifetime gifts of money to children. In contrast to a standard interest-only mortgage, the amount borrowed doesn’t have to be repaid until you die or move into long-term care. But you will need to prove that you can comfortably afford the monthly interest payments during your retirement years.

The amount you can borrow is based on an affordability assessment carried out by your lender to ensure you will be able to afford the monthly payments after retirement when your sources of income are likely to be from pensions, savings and investments.

NO FIXED TERM

This type of mortgage works well for retirees as the loan term isn’t fixed, and there is no need to demonstrate how the mortgage will be repaid, as repayment will come from the eventual sale of the property. Some products, however, do allow borrowers to repay some of the capital as well as paying the interest on their loan. There is no roll-up of interest, meaning that it’s more likely that there will be something left following the eventual sale to pass on as an inheritance.

GETTING THE BEST ADVICE

Retirement mortgages are a major financial commitment and it makes sense to talk to us about your specific circumstances and needs so we can find you the best available options.

A mortgage is a loan secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.