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the mortgage mum logo
  • mortgages
    • first time buyer
    • residential & remortgages
    • buy to let
    • second mortgage
    • bad credit mortgages
    • self-employed mortgages
  • insurance
    • life insurance
    • critical illness insurance
    • income protection insurance
    • wills & trusts
    • home insurance
    • business protection
    • private health insurance
  • specialist finance
    • development finance
    • commercial finance
    • portfolio finance
    • bridging loans
  • about
    • about us
    • our team
    • recruitment
    • library (FAQs)
    • blog
  • contact

Supporting you and your mortgage, whatever stage you’re at.

With a changing mortgage market, it can be an unsettling time to be in the process of applying for a mortgage. Sensationalised headlines can make it seem like the industry has shut down and your efforts and money have been lost. However, for many that’s not the case, and it’s simply that your mortgage journey is on hold, rather than coming to an end.

Thinking of submitting a new application?

An important part of being able to provide a suitable mortgage offer is an accurate valuation of the property. In the current climate, physical valuations are not possible due to limitations imposed by the government. Many lenders are therefore not currently accepting new applications, while others have adjusted their products accordingly. Contact your adviser to discuss your options going forward in more detail.

Already have a mortgage offer?

If you’ve already received a mortgage offer from a lender, but have not exchanged contracts, then do not panic – your application is more than likely still viable, but will likely be delayed. Lenders are experiencing a high volume of enquiries and so your application may take longer to be assessed. If you have questions as to how a change in your circumstances may affect your mortgage offer, then please contact your adviser.

In between exchange and completion?

If you’re waiting to complete on your mortgage it can feel like you’re stuck in limbo. The good news is you’ve signed contracts already and so are unlikely to lose your mortgage or your house. Lenders are likely to want to ensure you complete on your mortgage and so will do all they can to make it happen for you. Assuming that your circumstances haven’t changed, this will probably just mean a delay to your mortgage completion. Many lenders are now offering three month extensions on mortgage offers to help you with this. Contact your adviser to find out what measures your lender has put in place for you.

Are remortgages and product transfers affected?

The remortgage and product transfer markets have been affected in part, but remain competitive and so there may still be attractive options out there for you. It’s also worth bearing in mind that difficulties in obtaining physical property valuations may delay certain products in delivery. For a full assessment of the best choices for you, contact your adviser.

Mortgage Payment Holidays

Many lenders are now offering mortgage payment holidays if you’re struggling to pay your mortgage in the current environment. It’s important that you follow the correct procedures laid out by your mortgage lender instead of simply cancelling direct debits or not paying. Your adviser can take you through the next steps for you if you have any further questions.

Review what protection you have in place

While you are assessing your mortgage choices, now may be a good time to take a closer look at what insurance and protection policies you have in place to protect the things you value the most. Our adviser can take you through these options alongside any mortgage enquiries you may have.

If you require any advice or support during any stage of your mortgage journey please get in touch. Email me at sarah@themortgagemum.co.uk or contact us directly via our website.

Sarah Tucker, Founder and Mortgage Broker, The Mortgage Mum

The Mortgage Mum
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539-541 London Road, Westcliff-on-Sea
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We always aim to provide a high quality service to our customers. However, if you encounter any problems and we are unable to resolve them you can take your complaint to an independent Ombudsman. Our advice is covered under the Financial Ombudsman Service (https://www.financialombudsman.org.uk/consumer/complaints.htm).

Some of the products listed are not regulated by the Financial Conduct Authority, and we may refer you to a 3rd party for these services.

All images of The Mortgage Mum team supplied on this website are to the credit of Stephen Wallace Photography.

The Mortgage Mum Limited is an Appointed Representative of Mortgage Intelligence Ltd which is authorised and regulated by the Financial Conduct Authority under number 305330 in respect of mortgage, insurance and consumer credit mediation activities only. Registered address: 539-541 London Road, Westcliff-on-Sea, Essex, SS0 9LJ. Registered Company Number: 11723322. Registered in England & Wales.

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