Worried How The Coronavirus Could Affect Your Mortgage In Hull?

Mortgage Advice in Hull Regarding Coronavirus

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 in Hull 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 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 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 in Hull and small businesses.

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 in Hull, the Self Employed in Hull and Home Movers in Hull 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 Mortgage Broker in Hull and we will advise you on what to do once we have assessed your requirements.


Malcolm's
mortgage guides









What Does Remortgage in Hull Mean?

Taking a balanced look at what remortgage means, what defines a remortgage in Hull & the reasons that people may look to remortgage in Hull.









Do You Need a Deposit to Remortgage in Hull?

A look at whether or not you need a deposit if you are looking to take out a remortgage in Hull on your property and what to consider.









What Does a Mortgage Broker in Hull Do?

A mortgage broker in Hull will arrange and negotiate on a customers behalf, but what else does a mortgage broker in Hull do?









How to Get a Mortgage in Hull if You’re Over 40

Yes, you can get a mortgage over 40, subject to passing a lender's credit scoring and affordability calculation. Find out if you qualify...

Hullmoneyman.com & Hullmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

© 2023 Hullmoneyman

Hullmoneyman, 410 Wincolmlee, Hull, HU2 0QL.

Moneyman Logo







Moneyman Logo




Moneyman Logo

Ask Your Question





    Moneyman Logo

    Moneyman Logo







    Moneyman Logo

    Book your Free Consultation

    7 Days 8am - 10pm

    Moneyman Logo

    Moneyman Logo