Brighton & Hove Financial Consultants supporting you and your mortgage, whatever stage you're at.
With a changing mortgage market, it can be an unsettling time to be in the process of applying for a mortgage. Sensationalised headlines can make it seem like the industry has shut down and your efforts and money have been lost. However, for many that’s not the case, and it’s simply that your mortgage journey is on hold, rather than coming to an end.
Thinking of submitting a new application?
An important part of being able to provide a suitable mortgage offer is an accurate valuation of the property. In the current climate, physical valuations are either not possible due to limitations imposed by the government or taking slightly longer. Many lenders are therefore not currently accepting new applications, while others have adjusted their products accordingly
At BH-FC we have access to the entire mortgage market and will be able to not only source a lender who is lending in this current climate but also be able to advise on the lenders current timescales and up to date valuation guidelines and ensure a smooth mortgage application process
Already have a mortgage offer?
If you’ve already received a mortgage offer from a lender, but have not exchanged contracts, then do not panic – your application is more than likely still viable, but will likely be delayed. Lenders are experiencing a high volume of enquiries and so your application may take longer to be assessed. If you have questions as to how a change in your circumstances may affect your mortgage offer, then please contact your adviser at BH-FC.
In between exchange and completion?
If you’re waiting to complete on your mortgage it can feel like you’re stuck in limbo. The good news is you’ve signed contracts already and so are unlikely to lose your mortgage or your house. Lenders are likely to want to ensure you complete on your mortgage and so will do all they can to make it happen for you. Assuming that your circumstances haven’t changed, this will probably just mean a delay to your mortgage completion. Many lenders are now offering three month extensions on mortgage offers to help you with this. Contact your adviser to find out what measures your lender has put in place for you.
Are remortgages and product transfers affected?
The remortgage and product transfer markets have been affected in part, but remain competitive and so there may still be attractive options out there for you. It’s also worth bearing in mind that difficulties in obtaining physical property valuations may delay certain products in delivery. For a full assessment of the best choices for you, contact your adviser.
Have planning permission and ready to start building?
Are you a developer and have a project you wish to fund yet after spendign time and money sourcing the project, obtaining planning permission only to find lenders have pulled funding?
Or you've found somewhere you wish to purchase and need to see if the finance is at all possible?
Good news their are plenty of lenders willing to lend on the right project, please contact us and we'll discuss this in detail with you.
Review what protection you have in place
While you are assessing your mortgage choices, now may be a good time to take a closer look at what insurance and protection policies you have in place to protect the things you value the most. Our adviser can take you through these options alongside any mortgage enquiries you may have.
If you feel you or someone you know requires any assistance during these uncertain times, please do not hesitate to get in touch and i'll be happy to chat through what we can do to help.
Keith Carr
Brighton & Hove Financial Consultants Ltd
K.carr@bh-fc.co.uk
01273 741115
I started in the finance industry as far back as 1998 and have been lucky enough to have the opportunity to help my clients through all the booms and busts of the last decade. almost 20 years later…
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