In these troubled times, I know that so many people are concerned with their mortgage.
I am still working with my clients over the phone and now have access to lenders and their contact details.
The Bank of England has slashed interest rates what does this mean for you?
The Bank of England has cut the base rate to 0.1% following the Coronavirus outbreak. This makes the interest rate the lowest ever in the Banks 325-year history. It is hoped that the move by Andrew Bailey would “help to support business and consumer confidence at a difficult time, to bolster the cash flows of businesses and households, and to reduce the cost, and to improve the availability, of finance”. Following this, many lenders have reduced their rates, and I am seeing some incredible low fixed and discounted rate products. You could now take advantage of the rate cut and potential to re-mortgage, this could mean lower monthly repayments.
If you find yourself in financial difficulties because of the impact of Covid-19, and are unable to make your next mortgage payment, please get in touch. We can discuss whether options including a payment holiday on your mortgage might be suitable for you, although this will result in you paying back more interest on your mortgage overall.
If you need advice, please do not hesitate to contact me.
Your property may be repossessed if you do not keep up repayments on your mortgage