Mortgage holidays, extended timelines, how we can help
Posted by siteadmin on Wednesday 1st of April 2020.
Mortgage News - 30 March 2020
Our clients have been exceptionally patient whilst we are adjusting to the challenges of mortgage industry professionals now moving to working from home. This new setup across our network is impacting service levels from our lenders and slowing down processes considerably.
Changes and announcements in the mortgage market during this unprecedented time has caused some confusion so we wanted to highlight some areas affected and where we can help.
Below we discuss:
- Mortgages holidays - which we cannot set up for you
- Changes to expected timings
- How we can help
Please do not hesitate to contact us to discuss any of your concerns or if you need or require assistance in any way.
Setting up Mortgage Payment Holidays
*This is not something we can do for you.*
This can only be dealt with directly by you and your lender. Most lenders have made this process simple to initiate, so please visit their web sites for details of how to claim.
A change in service levels can mean lots of delays
As providers set up their staff to work from home service level commitments for current applications have changed and timelines have extended.
This new regime is putting a lot of strain on lenders efficiency and ability to respond quickly.
Additional changes include:
- In person surveys have been ceased on most cases – which means that applications cannot be completed. Applications are progressing using automated valuations but these are at lower loan to value amounts.
- Mortgage rates for loan to value above 75% have been pulled (excluding existing applications).
What can be done and where we can help
Our Mortgage Department is fully mobilised to work from home and we will help our clients where we can. Below are some of the services we are currently working on for clients:
- Applications can be made, however at lower loan to value (LTV’s) using automated valuations.
- We can still advise on new mortgage rates for existing borrowers
- Review and setup of Personal Protection insurance such as life cover Critical Illness Cover and Income Protection
- Further advances and progressing agreements in principle (AIP) in readiness for when lock down ends.
Please remember you can contact your Adviser directly or continue to call us on 01905 723 058 with any questions or concerns.
The Financial Advice Centre Mortgage Team