{"id":72360,"date":"2020-04-13T14:08:34","date_gmt":"2020-04-13T14:08:34","guid":{"rendered":"https:\/\/www.templewealth.co.uk\/?p=72360"},"modified":"2020-09-23T15:52:25","modified_gmt":"2020-09-23T15:52:25","slug":"mortgages-coronavirus","status":"publish","type":"post","link":"https:\/\/www.templewealth.co.uk\/mortgages-coronavirus\/","title":{"rendered":"How is your current, or potential, mortgage lender helping customers impacted by the Coronavirus pandemic?"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"643\" height=\"362\" src=\"https:\/\/www.templewealth.co.uk\/wp-content\/uploads\/2020\/04\/houses.jpg\" alt=\"\" class=\"wp-image-72361\"\/><\/figure><\/div>\n\n\n\n<p>One of the main things that is mentioned when talking about\nmortgages and the impact the current Coronavirus pandemic is having on customers\nis the option of a mortgage payment holiday. But is this the right thing for\nyou to consider?<\/p>\n\n\n\n<!--more-->\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Mortgage Payment Holidays<\/strong><\/h4>\n\n\n\n<p>A payment holiday is a deferral of interest rather\nthan an option not to have to pay your mortgage. <\/p>\n\n\n\n<p>It\u2019s in this first instance our advice would be that if\nyou can afford to pay your mortgage without a payment holiday, then you should\ndo so \u2013 as this is a holiday of payment and would still have to paid back at\nsome point.<\/p>\n\n\n\n<p>Also, whilst the government may extend the period\n(we stress <em>may<\/em>, as this is completely discretionary to the lender) at\npresent these payment holidays are capped at three months. People thinking of\nrequesting a mortgage payment holiday should ensure this facility is available\nin the future when it is really needed, rather than making use of it too early\nwhen their financial position maybe less in need than in a couple of months\u2019\ntime.<\/p>\n\n\n\n<p>Anybody considering a payment holiday should first\nspeak to their mortgage intermediary, who will be able to discuss this option\nin more detail and to help signpost how to contact your lender if this is\nappropriate. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Can I still apply for a new mortgage, or remortgage,\nnow?<\/strong><\/h4>\n\n\n\n<p>Banks and lenders are still taking applications for\nnew mortgages, in fact, there remains a great deal of competition in the\nmortgage market as lenders fight for customers. Having said that, now, more\nthan ever, it is important that you consider whether you can afford your\nmonthly repayments. <\/p>\n\n\n\n<p>Nationwide Building Society, one of the UK\u2019s biggest\nlenders, recently withdrew mortgages with a loan-to-value (LTV) ratio above 75%\nfrom sale.<\/p>\n\n\n\n<p>All fixed rate and tracker mortgages for buyers with\na deposit smaller than 25% are therefore unavailable, including for new build\npurchases, first-time buyers and remortgages.<\/p>\n\n\n\n<p>It comes after the government&nbsp;effectively\nhalted the UK\u2019s housing market by advising people to delay moving home,\nwherever possible, in order to avoid breaking social distancing guidelines.<\/p>\n\n\n\n<p>Other mortgage lenders have made similar moves at\nthe same or greater LTV\u2019s than that of Nationwide.<\/p>\n\n\n\n<p>So, to put this all into context, there are still a\ngood quantity of very good deals out there for people looking to move or\nremortgage who have good deposits\/equity but for first time buyers the market\nis very unobtainable.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>How can I find the best mortgage deal for me?<\/strong><\/h4>\n\n\n\n<p>Before the Covid-19 outbreak, many lenders allowed you to borrow up to a maximum of 95% LTV, meaning many first-time buyers with a small 5% deposit could get onto the housing ladder.<\/p>\n\n\n\n<p>We are lucky in our industry, that we can work remotely, and as such are\nstill here to help our clients as usual at this very troubled time.<\/p>\n\n\n\n<p>Intermediaries can access the various lenders on the market and will be\nable to help navigate through these options at this time for you to find the\nbest solution.<\/p>\n\n\n\n<p class=\"has-very-light-gray-background-color has-background\">From an intermediary perspective, it\nis currently business as normal in terms of us helping our clients. If you need\nany guidance of the things you can and can\u2019t do in these unprecedented times,\nwe encourage you to get in contact with us, and Temple Wealth will be more than\nhappy to help.<\/p>\n\n\n\n<p class=\"has-very-dark-gray-background-color has-text-color has-background\" style=\"color:#9f9162\">You can contact us through our <a href=\"http:\/\/www.facebook.com\/templewm\">Facebook <\/a>page or <a href=\"https:\/\/www.templewealth.co.uk\/contact-us\">Contact Us<\/a> page whilst we are mostly working from home during these unfamiliar times. <\/p>\n\n\n\n<p class=\"has-text-align-center\"><em>Your home may be repossessed if you do not keep up repayment on your mortgage.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>One of the main things that is mentioned when talking about mortgages and the impact the current Coronavirus pandemic is having on customers is the option of a mortgage payment holiday. 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