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Coronavirus is affecting everyone’s day to day lives and mortgages are no exception. Many of you will have concerns about your current or future borrowing requirements. Mortgage providers are working hard to help borrowers and applicants, but naturally there will be some disruption.

Rachel Seymour at Seymour Mortgage Solutions Ltd, aims to provide some reassurance for borrowers, as well as highlighting some key considerations and concerns that might affect you at this time.

Will my mortgage interest rate go down?
The Bank of England base rate has dropped to the lowest in its history and you will benefit from a rate reduction if you are on a tracker mortgage. You may also benefit if you are on a discounted or variable rate if your lender reduces their Standard Mortgage Rate (SMR) or Standard Variable Rate (SVR). If this applies to you, your lender will write to you directly.

Can I take a payment holiday if I am struggling with my finances during the pandemic and what impact will that have in the long run?
As UK Government has announced, mortgage providers are offering payment holidays to assist those financially impacted by the Coronavirus outbreak. If you are facing financial difficulty and wish to apply for a payment holiday, you should contact your lender directly. Please check your mortgage provider’s website for further instruction on how to apply. There will be no impact on your credit score and lenders should not be investigating the reason for the request.

It is really important you do not simply cancel your monthly mortgage direct debit without contacting your mortgage provider as this could have a detrimental impact on your future credit history.

My fixed rate is coming to an end – can I still renew my mortgage deal or remortgage to a new lender?
Yes, and I can advise you on that, just give me a call. If you are considering a payment holiday or getting a new deal, it is important to get independent advice as some mortgage lenders may not allow you to review your deal whilst you are taking a payment holiday. This is particularly important to consider, as once your deal ends it is likely your interest rate will automatically revert to a Standard Mortgage Rate (SMR) or Standard Variable Rate (SVR). These rates are likely to be higher, and if you are unable to review your deal until the end of your payment holiday i.e. in 3 months, the interest you will be charged will be a higher amount, and you may end up paying more overall.

I’m in the process of buying or selling my house – should I be worried?
I work very closely with local estate agents and solicitors, so together we give you all the professional advice you need to make the right decisions at this time.
What impact will a reduction in my income have on my mortgage application?

I will advise you on what is most suitable for your needs and individual circumstances. Please don’t worry alone at home – just pick up the phone and call me.
Seymour Mortgage Solutions are open, working remotely from our temporary home office, giving you independent mortgage and protection advice. Existing and new clients can contact Rachel directly on 07767307193 or rachel@seymourmortgagesolutions.co.uk. Please like my facebook page @seymourmortgagesolutions, for the latest updates, guidance and information.

Rachel Seymour

A MORTGAGE IS A LOAN SECURED AGAINST YOUR PROPERTY. YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

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