We here at James Young & Associates have remained open during the Coronavirus Pandemic. We are working within the Government Guidelines to ensure the safety of not only us, but for our clients too.
If you are struggling to make your mortgage payments, we would strongly advise speaking to your mortgage lender as soon as possible.
We have listed some Frequently Asked Questions below to help you with the ongoing disruption to our industry.
We would like to take this opportunity to wish all of our clients well and hope that you are all keeping safe.
James, Megan & Emma x
You are free to move home. However, you may find the process of searching for and moving into a new home is different, as property agents, conveyancers and other professionals have modified how they work to reduce the risk from COVID-19.
Yes, you can. The government recently announced an extension to the mortgage payment holiday by up to six months. The scheme allows homeowners to take a break from making mortgage payments, until they are able to do so once again. However, the length of time you can extend will be decided on a case by case basis by the lender.
Usually taking a mortgage holiday would affect your credit score, but in this case, lenders are saying that it will not have any detrimental effect on your credit score, going forwards.
It’s important to know that even if you proceed with another mortgage holiday, this still won’t affect your credit score.
The lockdown period will undoubtedly present further challenges. Mortgage applications are expected to take longer to process with many staff working from home, and the large increase in mortgage applications from those wanting to make use of the stamp duty holiday.
We strongly encourage that when it comes to sending off your mortgage application, you have all the required paperwork signed, sealed and ready to go such as ID, bank statements and proof of address. The sooner you share these things with your lender or mortgage adviser, the more chance they stand of processing the application efficiently.