We are amid the most significant pandemic of many of our lives, and although the focus of the world right now is to fight the spread of coronavirus, many of us are left understandably concerned about the impact on a house move or remortgage and our chance of success.

There is no hiding the fact that there have been significant changes to both the housing market and the mortgage market. As you can imagine lenders like most businesses right now are faced with staff shortages but they are also receiving a high level of enquiries about mortgage payment holidays.

What we have done is run through a number of questions that we are receiving to try and help provide a clearer picture as to the impact that this may have on your chances of getting a mortgage.

Have lenders stopped offering mortgages?

One of the most common questions right now is whether you can still get a mortgage. Some more specialised lenders have temporarily stopped lending, however, there are many lenders still offering mortgage to both new and existing customers.

A large number of lenders have withdrawn deals available to those with smaller deposits, or who have limited equity in their homes if remortgaging. The main reason for this is due to the complications in conducting valuations as many of these will require the surveyor to enter the property, thus breaching the social distancing rules we have in place currently. Some lenders can use desktop valuations (automated or completed from a computer) as opposed to a physical valuation, however, this is less likely to be possible with a smaller amount of equity.

Can I buy a house right now?

The Ministry of Housing, Communities and Local Government has provided clear guidance to those buying or selling, essentially stating that if you’re in a position to delay the purchase of your property, you should.

There could be times however that there aren’t issues with this, for example, if you are purchasing the property that you are currently living in then there would be no need for you to leave the property in order to do so.

If you have found a new build property that are still accepting offers then there is no reason why you can’t look at starting the process so that you are ahead of the game when we are ready to move. In any of these situations always check your legal obligations. If you need assistance then we can introduce you to solicitors at any point in the process, including the sale of a current property.

The FCA does not regulate solicitors and surveyors.

Can I still remortgage?

Lenders are still offering mortgages to new and existing customers, although as mentioned before, the lower percentage of equity the higher chance that the lender will not be able to complete a desktop valuation.

Windsor Hill Mortgages can advise you on the deals that lenders are offering to their existing customers and compare this against deals available in the wider market so you can be sure that you make the right choice.

Can I get protection against Coronavirus?

With the death toll continuing to increase in the UK more and more people are realising the need for financial support to protect their families. If someone has a life insurance policy and they pass away due to coronavirus, if the claim meets the term and conditions of the policy then the insurer should pay out.

Coronavirus isn’t covered as a critical illness for insurers, however, if you were to have complications from the virus that lead to conditions that are included in your policy – such as kidney, liver, heart or respiratory failure – the claim would be paid, again subject to the policy terms and conditions.

The most suitable policy will always depend on your personal circumstances. If you have any queries or you just want to see if there is a policy suited to you, whether protection is completely new to you or you want to compare to what you currently have in place, then get in touch with us at Windsor Hill Mortgages on 01225 962456 or email info@windsorhillmortgages.co.uk and we will be able to complete a free review for you.

Contact us today for a FEE FREE consultation.