How COVID-19 will affect your mortgage

Wondering how the COVID-19 outbreak will affect your mortgage? Not sure if coronavirus will make mortgage rates rise or fall? We have the answers. At Westexe Mortgages, we are committed to conducting business as usual, and continuing to offer specialist, flexible advice on mortgages across Devon and the South West.

Mortgage advice from Westexe Mortgages during the COVID-19 outbreak:

We continue to deliver superior service

The safety and security of our customers and team members remains our highest priority. We take great pride in maintaining the highest standards of cleanliness whilst delivering a superior service to our valued customers.

No delay to your existing applications

In response to the coronavirus outbreak, we have taken additional measures to ensure this will not cause any hardship our delay to any mortgage applications already underway.

We are still able to offer unrivalled service and whole of market choice to our new customers.

If we need to self-isolate we have put in place systems that will enable us to continue to operate without any delay or detriment to our services and customers.

What the Bank of England base rates means for you

The Bank of England has dropped the base rate to a historical low of 0.25%. We have already received many emails from mortgage lenders informing us that they are now reviewing their products.

In response to this fall, we anticipate seeing lenders reduce certain rates. We are able to monitor this directly without delay and keep up-to-date with the latest rates available.

See our latest rates.

Are you eligible for a mortgage payment holiday?

Some UK lenders, including Royal Bank of Scotland, Lloyds, and TSB, are offering repayment holidays on mortgages and loans. This is to ensure that customers who are financially affected by the coronavirus outbreak (for example, those who lose pay because they are unable to work) will not fall into financial difficulty.

If you are financially affected by COVID-19, or are unsure if you’re eligible for a repayment holiday, speak with your lender right away.

How mortgage lenders are reacting to coronavirus

We expect lenders to act responsibly during this crisis and to continue offering historically-low, competitive mortgages.

We expect that this will have a positive effect on new mortgage rates. This is good news for buyers, people wanting to remortgage, and those on base-rate tracker mortgages.

If you are considering purchasing a new property, or re-mortgaging your existing property, there may not be a better time than now!

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Posted on March 12, 2020 by Peter Marriott, in: Industry posts

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