Are Remortgages and Rate Switches still available during the COVID 19 Pandemic?
The UK like the rest of the world is facing some of the biggest challenges ever faced in three generations.
Lots of people are worried about their mortgages and lenders are able to offer a three month mortgage break (see Which? article here) for clients struggling to pay the mortgage at this time.
However, Manchester Mortgages have received a number of enquiries regarding clients who are looking to remortgage for a variety of reasons like Debt Consolidation, Home improvements or just simply to obtain a better rate.
The GOOD NEWS is that lenders are open for business but there has been some significant changes to the criteria that they are applying to new mortgages.
One of the biggest challenges is that of how do they value your property if you are looking to remortgage to a new lender.
Lenders are able to now carry out desk top valuations or AVM’s (Automated Valuation Model). This is done by using the data available to them from past sales of properties in the locality or from information supplied by the Land Registry.
Some lenders will go as high as 85% on a remortgage (Subject to status).
Then there is of course the challenge of the legal process if you are changing lender.
Some lenders will offer free legal fees but this process can be slow during the current crisis we find ourselves in.
Manchester Mortgages has teamed up at this time with a large firm of solicitors who is open for business Monday to Friday 9am -5pm and some lenders will offer a Cashback to cover these or help meet these costs.
It might be that you are just simply wanting to stay with your lender and obtain the best rate they will offer. Manchester Mortgage can help.
As a whole of market broker we are able to advise and arrange this on your behalf at NO cost to you. You can even do this with some lenders even if you are on a mortgage break due to the COVID 19 Pandemic.
A lot of major mortgage brokers have furloughed their staff and are not able to assist as nobody is available.
Manchester Mortgages is open for business 7 days a week 9am – 5pm where you can speak with our highly experienced mortgage advisers.
We do all the work for you as it is difficult to speak with lenders at this time as majority of the lenders staff are working from home or not working at all.
Simply call us on 0161 706 0242 or email firstname.lastname@example.org and one of our advisers will be in contact with you.
Knowledge in these difficult circumstances is key and it costs nothing to ask
Manchester Mortgages is a trading name of Mortgages 4U (North West ) Limited which is authorised and regulated by the Financial Conduct Authority (FCA register number 301076).
Registered in England & Wales No. 4729252. Registered office: Suite 8 Moorfield House, 2a Moorside Road, Swinton, Manchester M27 0EW
Your home or property may be repossessed if you do not keep up repayments on your mortgage.