Well still in lock down….but the good news is that apparently we passed the first COVID-19 peak and Captain Tom Moore is now a Colonel and became a national hero again at 100 – progress!
I’ve been busy this week engaging with Tenants and Landlords alike making sure they are fully aware of the mortgage payment holiday options / tenant protection products and generally just making sure they know there is someone to pick up the phone to In a time of need.
Mortgage wise the remortgage market still remain buoyant with some fantastic rates – social media has been awash with lenders looking to encourage borrowers to move lenders for a better rate – now is the time to look at longer term savings rather than the quick fix of a mortgage holiday. In addition to this for those that have been sitting on the higher standard variable rate and paying more – Q why not switch to a lower rate and keep paying the same each month – this results in a reduced term and a far lower overall interest payment – food for thought!
House purchase is still alive with lenders still adapting in both systems and lending criteria to keep the market moving – Did you know that some estate agents are doing virtual viewings so you still get to view your potential new home? Kathryn our Sales Manager at Belvoir Telford has been busy taking new instructions and collating a list of would be buyers – doing virtual property tours and keeping all the existing sales on track ready for the end of lockdown.
Buy to Let Market
Did you know there are still 3500 BTL mortgage products out there in the market place with 70 lenders vying for your business? Now may be the perfect time to snap up a bargain and either start or expand your portfolio. If you have more than one but to let property this mitigates the risk if a property becomes vacant as the rent from one will support the costs of another.
Protection Zone
With many people at home with less to do on the ‘To Do List’ – now is the perfect ‘time to talk’ about the important things in life. People thinking about their family and finances is top of the pops in terms of topics – but how often do these thoughts get actioned? There are some amazing products available on the market to protect you your family and income – now is the time to find out more even if you take the policies out when your income is more stable a FREE protection review with a protection Specialist like myself is ALWAYS worth the time!
Top Concerns
What happens after the 3 Month Payment Holiday and I still have limited / No income?
This is where keeping lines of communication open with your lender is imperative – they have specialist departments that help customers through difficult times with budgeting advice / arrangements to pay reduced amounts until you are back on your feet and in most cases will refer you if required to payment specialist services and counselling support if required as monetary issues can be one of the leading contributors to mental ill health – always keep talking and set realistic payments don’t agree to something you simply cannot afford as this will causes issues later down the line if you fail to make those payments.
Is my Home Loosing Value?
At this point house values are very much still in the air but there are expected dips in property values up to 10-15% – however this is expected to be temporary and once the lock down is over things are predicted to pick up quickly unlike the recession of 2008 so hold tight. If you are in the process of moving – this is all relative so onward purchases would also be affected meaning that you can negotiate your onward purchase price too.
Can I still change my mortgage product with my existing lender?
Yes you can – lenders are starting to relax the guidelines around product transfers with some lenders enabling you to be able to secure a product up to 90 days in advance of your mortgage end date and are also reviewing procedures around allowing product transfers whilst a payment holiday is in place – traditionally you couldn’t do this however with the current pandemic lenders are looking to support more vulnerable customers through a difficult period.
