With the UK government announcement easing restrictions for the property industry, mortgage lenders have adapted accordingly. If you are considering moving during this time, please read our Covid-19 FAQs below. Our offices are now open and adhering to all government advice on social distancing whilst we continue to help you navigate the property market.
Written by Wesley Muchimwe | 22nd May 2020
Mortgage lending during this time
Can I now move home?
Yes. The government has eased lockdown restrictions so that traditional estate/letting agency practices can resume from 13 May 2020, providing social distancing guidelines are followed. If you are looking to move home, you should start with looking into the financial aspect. Should you need a mortgage, we can help calculate your potential borrowing and also look into various deals available on the market. All our appointments are carried out over the phone or via video call to minimise risk.
I am not yet on the market; can I view a property?
No. At present, speculative viewings are not allowed and only proceedable buyers will be permitted to view properties. Proceedable buyers should have a mortgage in principal and/or have their property on the market or sold.
I’m currently on furlough, how will this affect the amount I am able to borrow?
Furloughed and self-employed clients will be assessed differently to how they were in the past and in effect this could adversely change your affordability. Speaking to a qualified advisor will enable you to find the right mortgage product for you during this time as well as seeking the maximum lending.
Can you still help with mortgage holidays?
Mortgage holidays are still available through your individual lender should you need them. However, this will affect your mortgage term. Here at Michael Graham Private Finance, we can help investigate your current mortgage deal and consider all suitable options available.
Has lending been effected due to coronavirus?
As lockdown restrictions have eased so has borrowing, with some lenders now offering 90% loan to value mortgages again. However, some lenders do still have caps on borrowing in place.
Are lenders now able to carry out surveys?
Yes, but only some. With restrictions now eased this is now possible with surveyors following the latest guidance such as wearing the necessary PPE. However, this varies for different lenders. Be mindful that there are some delays in physical valuations and mortgage applications which could affect timescales as well.
My mortgage offer is due to expire but I’m unable to move during this time as I’m currently shielding/vulnerable. Can it be extended?
Mortgage lenders have agreed to offer up to three-month extensions for those who have already exchanged contracts or agreed completion dates. If you are yet to exchange contracts or purchase a property, we would advise speaking to one of our advisors who can look into the suitable options for your circumstances.
If you would like to book an appointment with Michael Graham Private Finance, please click here: michaelgrahamfs.co.uk/contact/
Michael Graham Private Finance is directly authorised and regulated by the Financial Conduct Authority (www.fca.org.uk). Registered in England and Wales No: 4464166. Registered Office: Sovereign Court, 230 Upper Fifth Street, Central Milton Keynes, MK9 2HR. Calls may be recorded for training and monitoring.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER LOANS SECURED ON IT
Everdon Road, Farthingstone, Towcester, Northamptonshire, NN12 8HB