As could likely be predicted, we personally feel like there are some really great reasons why you should use a mortgage broker in Leicester. This isn’t born out of bias, however, as we understand there are pros and cons to both, no matter if you’re a first time buyer in Leicester, looking to remortgage in Leicester, or have another situation.
Regardless of if you’re going via a branch or online, you are still able to go direct to the mortgage lender yourself. Below are all the pros and cons to either of your options.
When thinking about going direct to a bank or building society, the first thing that springs to mind is that you won’t be required to pay a broker fee, which in turn would possibly save you money. In the past, another positive that people thought of was “the bank manager knows my finances inside out”, though after credit scoring systems were introduced, this no longer became a factor.
On top of this, some mortgage lenders will have exclusive mortgage products on offer, that can only be obtained by going direct. They offer these as a way of attracting a good spread of business from their consumers and other brokers, turning exclusive products on and off whenever they believe it to be necessary. On the other side of the coin, some products may only be accessible by going to the broker and not by going direct to the lender.
From 2014 onwards, lenders were restricted from selling their mortgages on a non-advised basis to any customers of their services (those with bank accounts, for example). Up until that point, some applicants felt like members of staff who were not qualified for giving advice, were pushing their services on them.
They also felt like they weren’t able to benefit from some of the consumer protection that would normally come with mortgage sales performed by professionally trained mortgage advisors in Leicester.
The changes took a long while for lenders to come to terms with and towards the back end of 2014, it was not uncommon for customers to have to wait a long time to get a mortgage appointment. This is unfortunately still the case today sometimes. When you have had an offer accepted on a house, this is the last thing you need or want!
Because of the issues present with going direct, much like the wait for an appointment, more and more applications were made with mortgage brokers who could freely offer a same day service, something we are able to do ourselves. When you get in touch with us, we get you booked in with a mortgage advisor in Leicester as quick as we can, either on the same day or at your earliest convenience.
Affordability is an important factor too, as the quality of a lenders deal won’t matter if you have no way of affording it. Buying a house is such a large step in people’s lives, that they often would rather get professional and personal advice from a qualified and experienced mortgage advisor in Leicester.
Nowadays we find that a lot of mortgage applications aren’t as simple anymore. For whatever reason it may be, there are so many things that can make a case more complicated. Some examples of these are:
In the past, mortgage lenders were able to stand head and shoulders above the competition by simply offering a deal that was similar to one offered by another lender, but with slight differences to make it more appealing. Fast forwarding to where we are now and it is all so much more different, with lending criteria being the difference maker between deals and lenders.
An example of this, is that some lenders may lend more than other lenders might have to Self Employed applicants. Some also take a more sympathetic view on previous discrepancies that are showing on your credit report.
Your situation will be unique to you. It may be similar, but it will never be the same as another case. When you explain your position to an experienced mortgage broker, it is highly likely that there will at least be at least something similar that we have encountered before, allowing for a more personalised service. Hopefully, our hard working mortgage advisors will be able to get you a favourable deal with good interest rates.
It’s more than just getting a mortgage though. Even if the application itself is fairly easy, our customers who are first time buyers in Leicester rely on our experience and knowledge for more insight into the mortgage process.
For example, we are able to sit and discuss how much they are going to offer on the property they are buying. From there, our team of mortgage advisors in Leicester can recommend our customers other necessary professional services such as solicitors, whilst also explaining the different types of property survey and protection that is available to them.
One of the main pros of using a mortgage broker in Leicester, we believe, is that we are a lot more responsive than the mortgage lenders have been known to be. Our team work from early until late, all throughout the week (including out of hours), dedicated to our customers and ensuring the process is as speedy and stress-free as it can be.
Something that does get overlooked from time to time when looking at why customers may prefer to use a broker, is that everyone nowadays everyone has such a busy schedule. You might need a mortgage but don’t have the required time to sort it out. In these cases, your mortgage advisor can take the weight off your shoulders and work through it for you.
Professional applicants especially will see the benefits of this service, as they have clients of their own that they charge out their services to and often don’t have the time to work through it themselves. The customers we deal with regularly appreciate the benefits of having an expert on their side.
Perhaps in the future we’ll see lenders wanting to limit their links to brokers and wanting to take their business back. If this does happen, we don’t see it being likely that they will hire more staff in their branch networks. The future of all industry seems to be based around technology and the mortgage market may very well be heading this way too.
That may work for customers who are more than happy to do business with a “robo-advisor”, especially for cases that are easy and don’t require a thorough analysis. For the majority of people, however, there’s an element of “realness”, that “human touch” that can’t be obtained by going this route, and can only be found by speaking to a real mortgage advisor in Leicester.
To find out more information on our service or to present any mortgage queries that you have, please Contact Us and we’ll book you in for an appointment with a mortgage advisor in Leicester as soon as we can.
Obtaining a home as a first time buyer in Leicester will be one of the biggest purchases you will ever make. It’s best to take your time when buying a home, as you need to be sure that the property you are looking at ticks all the boxes for you. Therefore, you must ask important questions that will help you make a decision.
If you are unsure of what to ask the seller, have a look at our shortlist of questions you could ask:
In many cases, a new home that has been recently added to the property market can spark a lot more interest and become high in demand. Therefore, it’s best to act quickly to secure the plot. To have an insight into the amount of attraction there has been towards the house, you could ask the seller how many people have already viewed the property to see the amount of ‘competitors’ you may have.
A property chain is when you are waiting on the occupant that is in the property you are buying off to move out to their new property which they have to wait for. When it comes to a chain, it can mean that it will take longer to move due to the property already being occupied, however, if there isn’t a chain, this could mean you will be able to move in quicker.
From a seller’s point of view, a first time buyer in Leicester or someone who is not in a chain could be seen as more desirable as this could lead to a quicker sale. From a buyers point of view, these points can be a huge advantage and something to mention during your ‘negotiations’.
In some cases, new homes can come with ‘extras’ that could persuade you to buy the house. Sometimes this is intentional and other times, the seller may simply wish to leave their older furniture behind. If you’re looking at buying an older home, you may find that there are unwanted items included, such as outdated furniture or well-used appliances.
It’s wise to check just to clarify, are things like cookers, fridges, and carpets, for example, could be included in the sale (or offered at an additional price). Make sure you clear as you may be left with unwanted items that you then need to remove and dispose of.
Your experience with neighbours can make or break owning your own home. You risk losing enjoyment if you are stressed all the time with the people next door. Gaining an understanding of the neighbours can give you a good indication of what living there will be like, saving you that stress down the line.
Your personal criteria for the local area when hunting for a home, could be that you need a shop nearby or somewhere that’s only a short commute to work
Asking what the local area is like could mean you wanting to know about any leisure spots nearby e.g bars, gyms and restaurants or wanting to know what are the schools like if you are thinking of having a family in the future.
It’s best to do your research about the local area before committing yourself to any purchase. As people’s opinions are subjective so it’s best to make your own judgement.
Associated costs such as heating, council tax, water (newer homes tend to have a water meter) are something to ask as it is part of running a home that you need to know. Many people are more aware of the running costs involved in owning a home or if not, you could ask a family member or friend.
Even though the British weather isn’t always sunny, some people still like spending time in the garden. Therefore, you may want to ask if the garden gets as much natural light and whether it’s south-facing etc.
When you move into your new home, you will often find that you will want to decorate it to your tastes. Home improvements can be essential to some older properties due to many needing ‘fixes’ or repairs. You may want to make improvements on the property such as insulation, efficiency, or garden work.
Buying an older property can come with repairs on some items. The seller can fix these issues if you have requested it to happen before the sale goes through or, in some cases, the seller may reduce the price. There can be some minor repairs if you are looking at a new build because of settlement or simple faults you identify after you moved in.
To make you aware of the remedial fixes that would be needed on a property, you may want to look into the different types of property surveys. Our mortgage advisors in Leicester can help recommend the most suitable survey for your property. Generally speaking if it’s a new build property, you will only need a basic valuation as you would hope with the property being new, that it is structurally sound. Whereas, if you are purchasing an older property, you may want to look into a home buyer’s report or full structural survey which should outline any defects with the property such as damp, subsidence etc.
When you are buying a new home whether it’s a new build or older property, make sure you ask the questions you need to know about the house. Asking the right questions, may be the difference between you buying the property or not.
The Help-to-Buy Scheme in Leicester is a widely known way for many first-time buyers to find their footing on the property ladder, though it can be confusing for many who are researching for the first time. There have been various different aspects that come under the terminology, so you may not fully understand what you’re getting into.
The most common one that is still around and the one you would be using as a first-time buyer, is the Help-to-Buy Equity Loan Scheme. You can rest assured that you will have us to support and guide you throughout your mortgage process. Not only will we assist you with understanding the scheme, but we will scour the market until we find the best mortgage deal for you and your personal circumstances.
You will find that having our brilliant mortgage advisors in Leicester on hand is not only incredibly helpful in securing your mortgage but also in working through the sometimes complicated processes of the government Help-to-Buy Scheme.
The scheme was set up by the government, primarily to help homeowners, including first-time buyers. If you decide to make use of the scheme, the following will apply to you and your mortgage process:
If you think that you qualify to use this scheme but are not sure whether or not you will have the ability to do so, simply get in touch with us and one of our dedicated mortgage advisors in Leicester will take a look at your circumstances. Once we have gotten a measure of your situation, we will be able to check whether you fall within the criteria of the offer.
Our mortgage service is tailor-made specifically to suit you and your needs regarding a mortgage. The Help-to-Buy Equity Loans apply to new-build properties up to a maximum value of £600k. The purchase price of the property gets made up of your 5% deposit, 20% government loan, and 75% balance covered by the mortgage that we will locate for you.
Once you get in touch, we will take the time to talk you through the whole mortgage process. If the property that you wish to buy fulfills the terms, we can discuss the scheme with you in larger detail. Whether you are purchasing from a builder or via an estate agent, we can communicate with them on your behalf.
As soon as you contact us, we will arrange a convenient time to suit you for your free, no-obligation mortgage consultation. If you are not clear on the figures and how the process works, we will go through the calculations with you until it is all understood.
We will take the time to ensure that not only are you happy with the figures but that they are affordable and fit in well with your financial circumstances and levels of income.
When you start your mortgage process in Leicester, you will come to realise that there are lots of different options available to budding homeowners and existing homeowners alike.
Whether you’re a First-Time Buyer looking for your first home, are Home Movers looking for your next home or are looking to Remortgage in Leicester, there are many different routes you could take.
This article will cover a list, alongside related videos, of the most popular types of mortgages available on the market to customers. If you have any further questions mortgage-related, then please do not hesitate to contact us and speak to one of our dedicated Mortgage Advisors in Leicester.
A fixed-rate mortgage means that your mortgage payments will remain as they have been for a set period. You can set the length of the fixed term yourself, with common options typically being 2, 3, or 5 years or longer.
No matter what happens to inflation, interest rates, or the economy, you can rest assured that your mortgage payment, usually your biggest outgoing, will not change at any point during your term.
A tracker mortgage means that your interest rate will follow on with the Bank of England’s base rate. This means that the lender that you are with does not set the rate themselves.
You will be paying a percentage above the base rate of the Bank of England. To provide an example of this; if the base rate is 1% and you are tracking at 1% above base rate, that means you will be paying a scale of 2%.
When you take out a repayment mortgage, you are paying capital and interest together. So as long as you keep your payments going for the full length of the mortgage term, the mortgage balance is guaranteed to be paid off at the end, with the property becoming yours.
It is the most risk-free way for your capital to be paid back to the lender, in the early years it is mainly the interest that you are paying, and your balance will go down at a slower rate, especially if you have taken out a 25, 30, or 35-year term.
This situation will switch up in the last ten years or so of your mortgage, where your payments are paying off more capital than interest, and the balance will come down at a much quicker rate.
While many Buy to Lets in Leicester get set up on an interest-only basis, it is much more challenging to get a residential property on that same basis.
It is a lot less likely for lenders to offer an interest-only product nowadays. However, there are certain circumstances where this may be a viable option.
These include downsizing when you get older or having other potential investments that you will use to pay back the capital. Lenders are being a lot more stricter when it comes to offering these products now, and the loan to values are a lot lower than they once were.
With an offset mortgage, the lender will set you up a savings account alongside the mortgage account you have with them.
This works in a way where, let’s say you have a mortgage balance of £100,000 and £20,000 gets deposited into your savings account, you would only pay interest on the difference, so in this case it would be £80,000. It can be a very efficient way of managing your money, especially if you pay higher rates of tax.
A 95% mortgage is as simple as the name would suggest; you are borrowing against 95% of the price of a property, and then you are covering the remaining 5% with your deposit. An example of this is if you looked at buying a property that was worth £150,000 with a 95% mortgage, you would be putting down £7,500 as your deposit and borrow the remaining £142,500 from the lender.
Off the back of the March 2021 Budget, Boris Johnson announced a Mortgage Guarantee Scheme for mortgage lenders, making 95% mortgages more readily available from the bigger high street banks.
This is fantastic news for First-Time Buyers and Home Movers alike, as this scheme will continue running until December 2022. Certain terms and conditions will apply though, which is something your Mortgage Advisor in Leicester will be able to look at, to see if you qualify.
All our customers who opt to Get in Touch will receive a free, no-obligation mortgage consultation where one of our dedicated mortgage advisors will be able to make a recommendation on the best possible route for you to take.
95% mortgages are usually accessible by both First-Time Buyers in Leicester & those who are Moving Home in Leicester. Whilst saving for a 5% deposit sounds like a pretty straightforward concept, you’ll still need to have an acceptable credit score and prove that you are able to afford your monthly mortgage repayments, in order to access a 95% mortgage.
A good credit score is essential in the process of obtaining any mortgage, especially a 95% mortgage. Things like paying any current credit commitments on time, ensuring your addresses are updated and checking that you’re on the voters roll, can all help with your credit score.
Affordability is another one that is important to take note of. By giving the lender details of your income and monthly outgoings (things like your bank statements will be necessary for this) and any pre-existing credit commitments, your lender will be able to get a general overview of whether or not you are able to afford this type of mortgage.
Nowadays we see lots of family members helping each other get onto the property ladder, especially parents looking to further their children’s lives. The way this usually happens is by gifting the person looking to find their home, the deposit required. Known through the industry as the “Bank of Mum & Dad, Gifted Deposits are only intended to be a gift, and not as a loan. The lender will need proof that this has been agreed, before it can be used towards your mortgage.
When looking for a 95% mortgage, you want to make sure you have the right type of mortgage. Each mortgage type works differently, with that choice allowing you to find one that is most appropriate for your personal and financial situation.
Some homeowners and home buyers prefer Fixed Rate or Tracker Mortgages, mortgage types which mean you either keep interest rates at a set amount for the term given or have your interest rates tracking the Bank of England base rates.
Alternatively, you might find that Interest-Only or a Repayment Mortgages are more your style. Interest-Only allows cheaper payments until you need to pay a lump sum at the end (mostly now used for Buy-to-Lets), whereas a Repayment mortgage (a normal mortgage if you’d like) means you’ll be paying interest and capital combined per month.
Seeing as a mortgage is such a large financial outgoing, you need to be prepared and need to be aware. You might find things like higher interest rates, remortgaging difficulties due to less equity and then negative equity all cropping up if you’re not.
There is no need to worry though, as all these can be avoided if you’re savvy enough with your process to begin with. The more deposit you put down for a property, the less risk the lender will see you as.
A larger deposit, of say 10-15%, would not only reduce the rates of interest by a noticeable amount, but would also give the property more equity and reduce the risk of negative equity, thanks in part to you borrowing less against the property.
So, whilst the risks may seem intimidating, planning ahead and saving for a bigger deposit to access something like a 90% or even an 85% mortgage will be a massive help in your mortgage journey and something you’ll be able to reap the rewards from in the future.
A gifted deposit is either the full amount or a portion of the assurance you need, granted to you as a gift with an agreement that you don’t have to repay the person who has given it to you.
Gifted Deposits come in useful when you have been able to save enough for your monthly repayments but have been struggling to afford the initial deposit, something that’s common for people on smaller incomes.
Obtaining more gifted deposits available may also allow you to receive potentially better rates from a mortgage lender.
We frequently find that it is mainly parents (birth and adopted) and carers who can gift you the deposit. You may see this referred to online as the “Bank of Mum & Dad”.
Other extended family members could also get considered when looking at the option of a gifted deposit. It is significantly much dependent on individual lenders so your dedicated mortgage advisor in Leicester would need to be cautious.
We frequently find that customers have no idea that their parents can help them out with their mortgage, or they don’t feel like they can ask them to help out.
In truth, most parents are more than pleased to be able to help their children, wanting them to get on the property ladder and live a comfortable life in a property they possess.
Statistically, taking out a mortgage often will work out better than renting, due to the potential for you to pay less per month.
The deposit usually comes from inheritance, although parents can sometimes gift it earlier on in life if they already have enough saved or have released a certain amount of equity from their own home.
Most lenders won’t agree to accept a loan to pay off your deposit. It will be down to the lender being unsure that you’d have enough disposable income to pay back both the loan and the mortgage simultaneously.
There is no limit on the amount that someone can give you as a gift, with more deposit often giving you better rates, though we are aware of at least some lenders will insist you put in at least 5% deposit from your income.
The people who reap the most advantages from this tend to be First Time Buyers and Home Movers. It can also be beneficial when used in combination with the Help to Buy Scheme. As the required 5% deposit, depending on the lender, can be paid via gifted deposit.
First and foremost, all lenders will require a gifted deposit form. Dependent on the lender, you might get asked to provide additional proof and ID.
As a trustworthy Mortgage Broker in Leicester, we always aim to provide an outstanding level of customer service. Through a fast and friendly service, to be responsive at all times.
We always rise above and beyond for our customers, no matter their mortgage situation. When someone approaches us for Mortgage Advice in Leicester, we still consider every case that we get faced with.
If you want to see more of our fantastic customer reviews, feel free to check out our reviews page. We take pride in our customer service, and it’s what keeps us moving forward as a business.
Your Mortgage Broker in Leicester is available from 8 am – 10 pm, seven days a week! Don’t ever feel free to get in touch; our advisors will be waiting by the phone for your call.
Customer service is at the heart of our company, and we work solely for you. For a free mortgage consultation. Please fill out our form on the contact us page or give us a call. We can’t wait to hear from you!
This insight provided by UK Finance from June 2019. The overall number of First Time Buyer in Leicester is still increasing meaning numbers are topping numbers from when they were at their highest in 2007, before the Credit Crunch.
External economic factors such as Brexit are sometimes less likely to deter first-time buyers than Home Movers in Leicester. It is also apparent that Home movers are never normally 100% certain that they ought to move.
So when you add in extra factors such as political uncertainty it’s completely natural for them to say, “Let’s just wait and see what happens”.
Things are more straightforward for first-time buyers. The hard bit is the deposit but if this is available then the choices are clear-cut, they can either:
Most of our customers often go down the more popular route of buying, the number of First Time Buyers has increased by over 130% when reviewing statistics from the past ten years.
This is because more options such as the 95% Mortgages are more available and there is also further access to Help to Buy Equity Loan Mortgages.
Over half of all homes purchased with a mortgage consist of first-time-Buyers with the remainder being Home Movers and Buy-to-Let in Leicester Investors.
The last time first-time buyers had more than 50% of market share was in 1995 when only a small number of Buy to Lets were taking place. The percentage of first-time buyers has been rising nicely for almost 20 years.
When reviewing properties in terms of value, homes in the North East of England the homes seem to hold the lowest in value. The average sits currently just shy of £140,000.
We have found that first-time buyers really value trusted advice from a Trusted Mortgage Broker. It’s not just simply about finding the cheapest deal.
We understand their appreciation of having support available whenever it is needed when in the process of buying their first home. They want straightforward advice.
What protection insurance to buy, the right amount to pay for a deposit, and many more questions.
We love helping First-Time Buyers in Leicester achieve their goals and we’d love to hear from you, feel free to contact us for a Free Mortgage Consultation to find out more.
Without a doubt, we recommend that everyone should spend time to manage to boost their credit score. The higher your credit score, the more chance you have of your mortgage application getting accepted. No one is guaranteed to get approved, and different Lenders have their internal scoring systems.
Following we advise everybody like a First Time Buyer in Leicester, to not worry if you fall short with one Lender. Contact us and Speak to one of our Mortgage Advisors in Leicester their job is to match you to the correct Lender that suits your circumstances, end of the day we both want the same outcome to get you the best deal available.
We recommend going to ether Experian and Equifax. It’s a good idea to use multiple agencies to get an average of the numbers for your credit score. Just using one agency might hold incorrect data. Checking with several agencies will help you identify any such discrepancies.
There are some excellent practices listed below regarding things you can be doing to improve your credit rating:
Firstly multiple credit searches can harm your score. Be careful when using price comparison websites, which are significant culprits of credit searching on individuals. However you know you want to apply for a mortgage soon, it is wise to avoid using it for any other credit. While having some credit and paying it back is a good thing for your score, in the long run. In conclusion, Lenders do not like to see you increasing your borrowings just before making a mortgage application.
Being on the electoral roll adds many points to your score. It indicates stability and Lenders like that. Ensure your name spelled correctly and that it’s your current address, not an old one. However, if you are not registered, it’s easy to do so online.
If you max out your card each month, that will reduce your score. Using a credit card and paying off the balance in full each month is preferable. Not to mention, it is indicating that you are good at managing your money. Worst of all would be exceeding an agreed card limit or overdraft. Lenders want to know that you take your finances seriously.
Quite often, it can appear that you are living in two places at the same time on your credit report. Maybe you had forgotten to tell one of your credit providers that you have moved to a new house. Check all addresses have been spelled correctly. If you have lived in a flat, this can be tricky as the flat/apartment number can get formatted in different ways.
You should contact the providers of store/credit cards you no longer use and get the account closed. In the short term, this can harm your score briefly as the credit reference can’t tell if it’s you closing the account down or the provider. However don’t worry, it’s one step back to take two forward. Another good thing to do to reduce your chance of falling victim for fraud should you not notice you have lost a card you don’t use regularly.
If you have a family member or ex-partner connected to you, then this could be affecting your score. You won’t be able to get the financial association removed if the account is still live, in any case. To remove one of these links, you should contact the credit reference agencies and make a request.
Furthermore, many consumers had felt that credit scoring is an ‘unfair way’ of Lenders assessing applications. Lenders feel differently. It is much cheaper for them to operate this way.
Send an up to date copy of your credit report to your Mortgage Advisor upfront, and you will increase your chances of being accepted the first time. The more your Advisor knows about your finances, the better. There are still some smaller Lenders out there that do not credit score. These Lenders do it the old-fashioned manual way, they will always have specific rules about the number of defaults and CCJ’s they will allow.
We understand the effect this outbreak will have on the economy, and some of you may be wondering how the COVID-19 with affect your mortgage? But we would like to point out that we can still help you. We are devoted to our clients and provide fast & friendly Mortgage Advice in Leicester & the surrounding area.
There’s been no change to mortgage advice service, although, we’re finding that more and more customers want to transact over the phone. We still offer a free, no-obligation mortgage consultation, and it’s the same service seven days a week. Either way, our advisors are available until 8 am – 9 pm to answer all your mortgage related questions.
Business as usual, here we will help you throughout processing your mortgage application.
Following the recent rate reduction, most lenders have decided to lower their standard variable rates. For new applicants, it’s our job to ensure that we search for the best mortgage deal for you.
Some fixed rates on offer have actually gone up despite the rate cut!
If you have been affected by the coronavirus economic wave and are concerned about meeting your mortgage payment, then please call your lender right away. Often, they are very understanding and will agree on a mortgage payment holiday period to help.
Interest rates are historically very low, and lenders show no sign of significantly increasing these. For First Time Buyers, Home Movers, and Remortgage customers in Leicester, this is brilliant news. There’s never been a better time to get a mortgage in Leicester!
This article was originally published on 30th March 2020 and as of the 20th May 2020 the property market has now resumed and this information has become outdated. Everything was 100% accurate at the date that this article was published.
The mortgage market has endured thanks to the coronavirus. Everything has come on a bit fast, and we thought we should catch you up to speed.
Our intentions aren’t to scare you, but explain what has happened to the mortgage market and do our best to help you through the problems you may face during these difficult times.
The central dilemma for the mortgage market is that surveyors and mortgage valuers can’t go out and visit properties because the whole property market is on hold. Lenders need to know what they are lending against, so require some sort of valuation before accepting your application.
Some lenders rely on AVM’s (Automated Valuation Model) for valuations on a property. The reason being it’s a way for lenders to receive an estimate without actually going out to the property.
However, when they don’t need to send someone out to look at the property physically, these types of mortgages get restricted and to lower loan-to-values only.
During the last couple of days, as of March 28th, some lenders have been restricting their maximum loan-to-value down to 60%. So, they are continuing to process these types of applications but not necessarily ones at higher loan-to-values.
Each lender is taking a different approach. So far, no mortgage offers got withdrawn, and we think that it is just a waiting game at the moment, lenders are just putting everything on hold before rushing into accepting more mortgages.
We have whiteness that some lenders have decided to extend the periods of their mortgage offers from six months up to nine to allow the economy and the mortgage market to get back up and running again.
Following our recent article about Mortgage Payment Holidays, we want to remind you that you should only take one if you need to. Do your research, talk to a Mortgage Advisor in Leicester, evaluate your options, and see whether it is the right thing for you.
It is more than likely that they will extend the period of your mortgage anyway, so it could be better just to hold off. You should contact your lender if you are questioning your ability to meet your monthly mortgage payments.
If you decide that this is your best option, lenders are asking for you to get in touch online due to the sheer volume of calls they are receiving.
If you are going to request a payment holiday, check that it won’t affect your credit rating or mark any arrears against your account. Also, don’t just cancel your direct debit and remember that you will need to seek permission from your lender to take a payment holiday.
The main thing is not to panic. We are here to help you with all of your mortgage problems and get you and your mortgage through these next couple of months. At some point in the coming weeks or months, someone is going to press play again.
We will all be back to normal in the given time. You can still get in touch with a Mortgage Advisor in Leicester from 8am – 10pm, 7 days a week. Business is as usual. We can’t wait for you to get in touch and help you with all your mortgage needs.