Covid-19 Outbreak: How Could This Affect Your Mortgage?
Covid-19 and your Mortgage application | Mortgage Broker in Nottingham
We are aware of how Covid-19 is affecting certain parts of the economy and day-to-day life of the general public but here at our Mortgage Broker in Nottingham, we are keeping all our mortgage applications rolling, to make sure all our customers are on track with their mortgages and that they are where they need to be. We are advising all our customers not to panic – we have put together a few ways in which we are keeping your mortgage application ongoing throughout this time of uncertainty.
Mortgage Advice in Nottingham – Our ongoing process.
- Our mortgage advice service is available.
- Progressing your mortgage application.
- Bank of England rate reduction and what this means for you.
- Concerns about not being able to pay for your existing mortgage.
- Mortgage industry reactions to the coronavirus.
Our Mortgage Advice in Nottingham service over the telephone
There’s been no change to our current mortgage advice service, although, we’re finding that more and more customers are wanting to transact on the telephone which is what we are able to offer to everyone who gets in touch with us. We provide this service seven days a week either way. Our mortgage team and Mortgage Advisors in Nottingham are available until 9pm to answer all of your mortgage questions.
Processing your application
Business will also be carried out throughout your mortgage application as usual.
Bank of England rate reduction and what this means for you
Following the recent rate reduction, most lenders have taken the decision to lower their standard variable rates. For new applicants, it’s our job to ensure that we search for the best mortgage deal for you. We hope that many lenders continue to responsible keep offering low-interest rates to keep up accessible mortgage products and payments for all our customers.
Concerns about an existing mortgage
If you have been affected by the coronavirus economic wave and are concerned about meeting your mortgage payment, then please call your lender right away. Often, they are very understanding and will agree to a mortgage payment holiday period to help which may serve useful to you in this period of time. Make sure to ask if this will affect your credit rating.
Mortgage industry reaction to Coronavirus
Interest rates are historically very low, and lenders show no sign of significantly increasing these.
For first time buyers in Nottingham, home movers in Nottingham and remortgage in Nottingham customers, this is a fantastic opportunity. In fact, there’s never been a better time to get a mortgage than the current property climate that we’re in now.