How to cope with your mortgage during COVID-19

During this COVID-19 outbreak, Westexe Mortgages is continuing to trade and look after our customers. We must all remain positive and support each other during these difficult times.

Here are some of the latest news developments that could affect your mortgage during this pandemic:

Latest mortgage-related news during COVID-19:

Government announces payment holidays

As you are no doubt aware, the Government are acting in a very positive manner to support us all during the coronavirus emergency.

They have told mortgage lenders to allow everyone a three month payment holiday on their mortgages. In the short term, this will help many people who are employed and self-employed to manage their finances during this period.

The payment holidays even extend to landlords with Buy to Let mortgages and homeowners who have Help To Buy equity loans.

How to apply for a mortgage payment holiday

  1. We cannot stress enough how important it is to talk to your mortgage lender as soon as possible to put this emergency measure in place.
  2. Do not stop your mortgage payments without first talking to your lender – otherwise you run the risk of accruing mortgage arrears on your credit file.
  3. Make it very clear to your lender that you are following the government’s advice.
  4. Ensure that your lender does NOT register late payments.
  5. Please be aware this is classed as a payment holiday!

Read full details about how mortgage payment holidays will work.

Updated rates from mortgage lenders

We are seeing various responses from mortgage lenders:

Tracker rates: Some lenders are withdrawing their new tracker rates.

Variable rates: Some are reducing their variable rates in line with the fall in the Bank of England’s base rate, which will benefit those on variable rate and tracker rate mortgages.

Fixed rates: We are not at present seeing much movement on fixed rates that are currently on offer, but we are keeping a close watch on any developments.

See our latest rates.

Barclay’s offering interest-only switch

Barclays Bank have just announced that they are allowing existing mortgage customers on capital repayment mortgages to switch to interest-only mortgages with term extensions.

This is an evolving situation and we wait to see how other lenders will react.

What mortgage lenders are doing

We are receiving many notifications from mortgage lenders assuring us that they are taking sensible precautions and following government advice.

They also reassure us that their service levels will not drop.

How Westexe Mortgages is responding

The important thing to remember is that the UK will not grind to a halt. Although it’s not business as usual, business will still continue. We must all remain positive and support each other during these difficult times.

At Westexe Mortgages, we are obviously keeping a very close eye on developments. Although we will be working from home, you will not notice any change in our services and we will always be available to our valued customers.

Our contact details are clearly shown in the news section and the contact section of our web site.

Please keep safe and well, and follow any advice from the government. We look forward to helping you in any way we can.

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Posted on March 18, 2020 by Peter Marriott, in: Industry posts

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