If you are worried or concerned about the financial effects of Coronavirus, then we believe lenders will have a sympathetic ear.
We have already seen that our clients who have mortgages with Halifax have had a text to alert them of the help they can offer, including possible payment holidays for their mortgages, where their income has been affected by the outbreak.
In the coming days and weeks, we feel that the lenders, maybe under pressure from the government, will need to treat customers fairly, and offer as much financial assistance that they can, especially payment holidays.
It is important that you speak with your lender as early as possible, as they are more likely to help you. If you do come to an agreement to miss some payments, then you will find that the lender will mark your credit file that you had an arrangement agreed; this will alert potential creditors in the future that you were granted permission and just not financially irresponsible. Therefore it is important to communicate early with your lenders, rather than just miss a payment, as this could prove harmful when trying to obtain any credit in the future or renegotiate your mortgage.
When it comes to protection payments to life companies, it is unlikely that you will have any grace on these, and much like other insurances, such as car, buildings, contents and pet, if you pay the premium, you are covered.
If you have any issues you wish to discuss relating to the above, please feel free to call us and speak to one of the qualified mortgage advisors.
We are here to help and give you guidance where possible.
The Mortgage Shop (Kent) Limited is an Appointed Representative of the PRIMIS Mortgage Network, which is a trading name of Personal Touch Financial Services Limited which is authorised and regulated by the Financial Conduct Authority (FCA). Sales, lettings and holiday lets are not regulated by the FCA.
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