Coronavirus Mortgage Update
Coronavirus Mortgage Update
We will be providing our clients with a daily Coronavirus Mortgage update from the mortgage industry and how things are changing the way we work.
Thursday 26th March 2020
Once again, Thank you for tuning into our coronavirus mortgage update. We are here to serve new and existing customers as best we can.
With businesses across the UK being severely impacted by the CoronaVirus outbreak, I can announce that we can help with capital raising. Most mortgage lenders will not allow you to capital raise if you intend to use the funds to support your business. These lenders are happy to lend you additional money for home improvements, a holiday and to buy a new car for instance but the list is limited. There is a range of second charge lenders also called secured lending which will allow you to raise finance when you intend to use the proceeds for your business. The good thing here is that we do not have to disturb your current first charge mortgage. This is good especially when you are still in a fixed-rate period.
As ever, it is up to us as mortgage advisers to advise based on your circumstances.
Wednesday 25th March 2020
We are still here to serve you as best we can but the need for social distancing has impacted the industry somewhat. The larger mortgage lenders are taking a step back in terms of the service that they can provide. For the time being, these lenders are focussing on priority cases which are those due to complete in the next few days.
The smaller lenders seem to be more nimble and are saying it is business as usual. They have been able to convert to home office working quite seamlessly.
Tuesday 24th March 2020
Not surprisingly my telephone has been ringing off the hook most of the day and my inbox has been filling up with people wanting a Coronavirus Mortgage Update.
So far it has been business as usual but that has not lasted long. I am going to provide you with a Coronavirus Mortgage Update as follows:
Breaking News!!! Surveyors have been pulled off the road on a nationwide basis as of today. I believe that this decision affects all mortgage lenders from the smallest to the largest. Lenders are looking at contingency plans to try and prevent the industry from grinding to a halt. Each lender will make their own decisions. I have heard that some lenders will look at alternative ways to survey but it depends on a case by case and lender by basis.
Your Mortgage Adviser – I am currently working remotely so it is almost business as usual. I am still available to provide advice and arrange your mortgage. If I have already arranged your mortgage then I shall continue to process your mortgage in the usual way. Online portals remain effective but getting through to mortgage lenders is a little more challenging at times. Our firm (around 30 mortgage advisers) are now all working remotely. Working remotely means working differently but we are experts at this and well-practiced in remote working procedures.
Mortgage Lenders & Packagers – Not all mortgage lenders are the same as we know. In the last few days, we have seen mortgage lenders try to adapt to the pandemic whilst still providing a service to brokers. We no longer meet with lenders on a face to face basis but we are able to call them, especially as many now work from home. Some lenders have requested that we email only but that is not the same for all. The technology is there for lenders to adapt.