UPDATED 27TH MARCH 2020
Mortgage Payment Holiday information
I am a member of the Legal and General mortgage club and they have sent me an email with a link to their website where I have collated the information in the attached spreadsheet. They have collated what most banks/Building societies are doing concerning payment holidays and how to get in touch to request this. I thought this would be good to share with you.
Click here to view Payment Holiday Information for each Lender
Do not move house
You may have seen today that the government is asking people not to move house during the lock down. This make perfect sense during the situation and here is a link to an article on the BBC https://www.bbc.co.uk/news/business-52051174 again any questions or concerns please get in touch.
Valuations
Understandably all physical valuations have been paused by all the lenders and they have taken a few days to decide what they will do. I am today getting a series of emails from lenders advising what they have decided to do and in most cases, they will do desktop or auto valuations. If you specifically want a valuation carried out then we can apply for the mortgage however the valuation will go on hold until it can be carried out. I would suggest that if you have a re-mortgage coming up then firstly I will be in touch to discuss what you can do or please contact me if you have any questions now.
Products being withdrawn
Finally, you may have seen the news about lenders pulling products and this is true for some lenders and some are pulling the higher LTV products such as 95 and 85% LTV products. They have said this is only temporary and hope to reinstall these once the pandemic is over. Some lenders have pulled all their products however the main high street lenders are still here and open for business. For those of you coming up for a re-mortgage in the next 6 months, I will contact you and advise what products are available and whether its workable regarding valuations etc.
I am also getting questions about re-mortgaging and how the payment holiday may effect this. Honestly, I can only answer this on a case by case basis as I need to contact the specific bank to get this information. I am sure more and more information will be sent out as this situation unfolds and I will happy to share this with all with you.
Stay safe and please get in touch with Fortress Mortgages if you have any questions.