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If you are buying a property or looking to move after lockdown – be prepared!

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by Sam Fox www.warringtonmortgagecentre.co.uk

HAS Lockdown had you reconnecting with your finances? Have you redecorated, ready to move as soon as possible? Are you nearing the end of your mortgage deal, but placed on furlough by your employer?
The past few weeks have presented a huge amount of uncertainty, especially when it comes down to our own personal finances – and the biggest commitment for the majority of homeowners- our mortgages.
We’re frequently asked what’s happening with the mortgage market. It’s still here. It’s just a different shape for the time being until we can get back to some normality.
If you’re buying a property now, or looking to purchase a property after lockdown, the key is to make sure you’re prepared.
Can I remortgage during lockdown?
In short, yes!
Each lender has its own set of underwriting rules which will determine the affordability of your mortgage moving forward.

Products are still available, and lenders are very much open for new business, but there are a few key areas to keep a look out for.
Lenders have been capping the maximum Loan to Value products (the mortgage loan vs the property value), this is usually up to around 85%-90%. The main reason is that surveyors, until last night, have not been able to assess a property as security for the mortgage loan.
Many lenders have adapted and are now, in some cases, able to offer a Desktop Valuation as an alternative, to determine the property value and grant a mortgage offer. Subject to their standard affordability criteria.
Your income may have been affected during Lockdown.
Lenders have adapted and can still assess mortgage on your Furlough income. Provided you are returning to work and the mortgage loan is affordable, you may be able to switch from your current lender, to another.
Even if your current fixed deal is coming to an end with your lender, you may also be able select a new mortgage product direct with them.
Even with the world the way it is, it’s possible to keep on top of your mortgage to make sure that your getting the most out of the current low rates of interest.
Lenders criteria on the types of applications they will accept has also been overhauled, with stringent checks in place on incomes.
During these unprecedented times, we know it can be difficult to navigate your finances on your own. We’re here to support Warrington secure homeownership and keep connected with the property market. So whether your deal is coming to an end, you want to buy a property or, just talk to somebody about your options, then we’re here for you.
For more details email sam@wmc-mortgages.co.uk or visit the website below.

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