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How Could the Coronavirus Affect my Mortgage in Sheffield?

Mortgage Advice in Sheffield

Before you read on, stop stressing! Just know that we are here to help you with anything mortgage-related through these crazy times. We are still 100% committed to delivering you with the same fast and friendly mortgage advice service that you are used to.

This isn’t a way to scare you at all. We are reassuring you that there are a lot of solutions for your mortgage problems that have come about because of the coronavirus. Here is what we are going to focus on in this article:

  • Mortgage Advice in Sheffield over the phone
  • Progressing with your mortgage application
  • The Bank of England rate reduction and what this means to you
  • Concerns about not being able to pay for your existing mortgage
  • The mortgage industries reaction to the coronavirus
  • Should you pull out of your purchase?
  • What to do if your Remortgage is due

Mortgage Advice in Sheffield over the phone

Our mortgage advice service is exactly the same, however, we’re realising that more and more customers are wanting to communicate over the phone rather than meeting an advisor face to face. This is completely fine and our excellent service will remain as it always has been.

We still offer our Free, no-obligation mortgage consultation. You can still get in touch from 8am-10pm , 7 days a week.

Processing your mortgage application

We are still open during our normal hours and nothing has changed. As your local expert Mortgage Broker in Sheffield, we are still determined to keep everything running at the same pace!

Bank of England rate reduction

Due to the recent rate reduction, most lenders have decided to decrease their standard variable rates. This can really benefit First Time Buyers in Sheffield as the rates are at some of the lowest we have seen in a long time.

Concerned about your existing mortgage?

The coronavirus could be affecting your income, if it is, then you should contact your lender. It may get harder to meet your payments especially if you get coronavirus and you have to isolate yourself for a long period of time. We tend to find that lenders can be understanding and will agree on a mortgage payment holiday period to help you out. This situation mostly applies to the Self Employed and small business’.

Mortgage industry reaction to coronavirus

Due to the interest rates dropping and lenders giving no signs of them rising back up, now has never been a better time to get a mortgage. First Time Buyers, the Self Employed and Home Movers have never had an opportunity like this to get a mortgage in a long time!

Should I pull out of my purchase?

We are advising to carry on as normal but this is only if you can afford your monthly mortgage payments. If you are worried about losing your job, you may need to consider pulling out of your purchase. This could be the safest option for you. You have time to pull out of the purchase as you are not committed to completing your purchase until the contracts between you and your lender are exchanged.

My Remortgage is due – should I switch lender or stay with my current one?

There is no change so far. We still advise that you speak to a Mortgage Broker in Sheffield like us. We will advise you accordingly once we have assessed your requirements, we hope that we hear from you soon!

Sheffieldmoneyman.com & Sheffieldmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

© 2020 Sheffieldmoneyman

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