Buy-to-let
There is no doubt the developments in the mortgage market in response to the coronavirus crisis are moving at a frenetic pace. Helping clients is crucial for everyone in the industry currently, so we are keeping on top of all of these updates to help navigate the best options for your individual circumstances at this time.
We have also seen most of the buy-to-let lenders now set up for payment holiday requests, with one of the largest in Barclays having built a system from scratch to help process these.
This helps to provide another option for landlords where your tenants cannot make their rent payments due to Covid-19 related financial problems
One bit of advice we want to ensure clients are aware of and to stress is that by requesting a mortgage payment holiday, you are essentially saying you are in financial difficulty.
This could then affect your ability to acquire other mortgage options during this mortgage payment holiday period, both for a rate switch with the existing lender in some instances, or when looking to re-mortgage to a new lender.
Very important - This is why it is so important that you receive advice before looking to request a mortgage payment holiday and have ensured it is the best option for your circumstances.
Although you may have seen some press articles on the number of mortgage products decreasing from the market, re-mortgage products are still freely available.
As such, this period represents a great opportunity for homeowners to save money on their mortgage with some of the great low rates currently available.
If your current mortgage rate is coming to an end, despite this Covid-19 scenario the lender would still hike your rate up to their standard variable if you do not look into your re-mortgage options. There are some great mortgage deals being offered by lenders currently.
Help?
If you would like to know more about a new or re-mortgage or options available please do make contact and one of our independent advisers will be happy to assist.