Covid-19 and your Remortgage
Can I still remortgage my property and save money?
One of the biggest monthly expenses tends to be your mortgage loan repayment. So, with the current Coronavirus Pandemic, many people are contacting us to find out if now is a good time to refinance their property in order to save money. With this in mind, in this article we discuss Covid-19 and your remortgage and whether you can still remortgage your property to save money.
If you have any questions about remortgaging, our experienced team is at the end of the phone to help. Our whole team is currently working from home with all our systems set up to help our clients in the usual way. This is a changing situation and our team will stay on top of developments in order to provide you with the most up to date information. Please do not hesitate to contact us if you have any questions.
Can I still apply for a remortgage?
Banks and lenders are still taking applications for new mortgage loans. So if you want certainty around your monthly outgoings, then you can still fix your rate. In fact, there have been some reports that Coronavirus has created a “mortgage refinancing boom*” with people rushing to fix their rates while they can.
Many lenders however have withdrawn products and it is likely that some more may be withdrawn in the next few months. Which, for example, has reported that over 900 products have recently been withdrawn by the banks**. With that in mind, we advise clients to start the process sooner rather than later of they want to apply for a remortgage because the number of product options might reduce over time.
Is now a sensible time to remortgage?
We would love to be able to tell our clients exactly what the future holds. However, no one has a crystal ball and we can’t predict what is going to happen in the financial climate.
Always we tell our clients, if you want certainty about your monthly outgoings, fix your mortgage now.
The Bank of England Base Rate is the lowest it’s been for years*. So now could be a prudent time to fix your mortgage rate.
Having said that, it is important now more than ever, that you consider whether you can afford your monthly repayments.
If you contact us to talk about a new mortgage, we will carefully review your finances to ensure you can afford the monthly payments moving forward.
Are there still money saving deals available?
Even though a number of mortgage products have been withdrawn, there are still many options if you want to remortgage.
If your current mortgage deal has come to an end, in most cases, you will save money by switching to a new deal rather than moving onto the Standard Variable Rate. If you speak to Your Mortgage Expert, we will review deals from across the market to assess which option is for you. It might be that staying with your existing lender is suitable for you and in which case we will tell you this.
Will my remortgage take longer than usual?
We are telling clients is that they need to be patient because banks and lenders are really busy right now. They are facing unprecedented demand with regards to mortgage payment breaks and other concerns from the general public.
If you are looking to fix your mortgage, we would recommend you start the process sooner rather than later as it is likely to take longer than usual.
As always, we will be in constant contact with all the lenders. This means we will be able to advise you on which banks have slower response times compared to others. We will do everything we can to help ensure your mortgage is completed within your timescales.
How can Your Mortgage Expert help?
If you are interested in having a no obligation chat about your remortgage or about any of the questions we have raised in this article about Covid-19 and your remortgage, why not get in touch? We don’t charge anything up front, so by speaking to us, you are under no obligation. We are based in Salisbury, Wiltshire, but we can help you no matter where you live in the UK.
Simply call us on 01722 322683 or complete a contact us form on our website and tell us when it would be best to get back in touch with you.
We would like to reassure customers that, at Your Mortgage Expert, we have plans in place for all staff members to work from home. All our systems have been designed to be fully operational whether our advisers are in the office or working from elsewhere.
This means that, if you currently have a mortgage being handled by us, we will be able to fully support you and provide you with the level of service you have come to expect from us.
The information contained within this article was correct at the time of publication. It is intended for information only and does not constitute advice. Neither Your Mortgage Expert Ltd nor TenetLime Ltd cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation. For further information, contact Your Mortgage Expert on 01722 322683.