Worried How The Coronavirus Could Affect Your Mortgage In Hull?
Coronavirus and Mortgages in Hull
Mortgage Advice in Hull
Before you read on, stop panicking, we can help! Despite the current situation, we are still 100% committed to providing fast and friendly mortgage advice in Hull and surrounding areas. Everything is remaining as normal.
We have decided to put out an article regarding the coronavirus and how it could affect your mortgage to inform you of the situation and not scare you. Here is what we are going to focus on:
- Mortgage Advice in Hull over the phone
- Progressing with your mortgage application
- The Bank of England rate reduction and what this means to you
- 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 Hull over the telephone
Our Mortgage Advice service remains exactly the same, however, we’re hearing that more and more of our customers are wanting to transact over the phone. Our excellent service never changes.
Remember, we still offer a Free, no-obligation mortgage consultation. We are available 8am-10pm, 7 days a week. There is always someone there for you to speak with, so don’t ever feel like a situation is too complex, we would love to help, especially during these strange times.
Processing your mortgage application
Again, we are still operating within our usual opening hours. Business at your Local Mortgage Broker in Hull is as usual. Processing your application will take as long as it would’ve done prior to the coronavirus outbreak.
Bank of England rate reduction
Due to the recent rate reduction, most lenders have decided to lower their standard variable rates. This could really help out First-Time Buyers in Hull as the rates are the lowest they’ve been in a while meaning it’s easier to afford a mortgage now more than previously.
Concerns about your existing mortgage
If the coronavirus is affecting your income you should contact your lender. It may be hard to meet your payments especially if you get coronavirus and you have to isolate yourself for a long period of time. Often your lender will be understanding and will agree on a mortgage payment holiday period to help. This will most likely affect the self-employed and small business’.
Mortgage industry reaction to coronavirus
Due to the interest rates dropping and lenders showing no signs of them raising, 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 are recommending that everyone sticks with their purchase only if they know they will be able to afford the payments. For example, if you are worried about losing your job, pulling out of the purchase might be your safest option. 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. Speak with your local Mortgage Broker in Hull and we will advise you on what to do once we have assessed your requirements.