There is no denying that the Coronavirus has had an impact on the Mortgage market but in via this page, we will issue as much information to inform our customers and the wider public on the latest from the Specialist lenders stance on Coronavirus.
We will update this page as and when we get updates from those lenders.
The government announced that all lenders should look to offer up to a 3 month payment holiday to people affected by Coronavirus (Covid-19).
Below will be a brief overview of the lenders stance and links to further information where available.
Unfortunately we are not able to help with the payment holidays (with the exception of Kensington mortgages) as the Mortgage lenders want to discuss your circumstances with you directly.
Obviously if you have generic questions you are more than welcome to call us/email us and we will do our best to help.
Should you take the payment holiday?
You should really only be taking the payment holiday if you need it.
I have posted a little more information about Coronavirus and Mortgages here, but in general it is a 3 month holiday. Those payments do still need to be made at some point and the additional interest becomes compounded – meaning it does actually cost you to take the holiday. Lastly if you take it now when you do not need it, what happens in 6 months if you do need it? Nobody knows the answer to that, so try to keep in in reserve for when you do need the holiday.
From a lending point of view for new customers it appears to be business as usual, although valuations have been put on hold until the lock down is lifted but their application process tends to take 2-3 weeks anyway so by the time a case is offered we should not actually notice any hold up. I believe they are looking at alternatives should the lockdown be extended.
In terms of payment holidays, you can find more information on this page.
More or less business as usual. They are actually one of the few lenders to put out new cheaper products but only for customers with certain types of adverse. They have also tightened up on self employed applicants and now will not accept things like bonuses or commission for affordbaility.
In terms of a payment holiday, they can do them but you need to discuss it with them directly. More information here.
The Mortgage Lender (TML)
TML have paused taking on residential cases at the moment although they are still taking on BTL mortgages.
Masthaven Bank Mortgages
Appears to be business as usual at the moment in terms of lending.
There are offering Payment holidays for those who need them and they have posted an FAQ here.
New lending is on hold, although I am lead to believe they are closing down. If that happens we will do a page on them for any Vida homeloan Mortgage prisoners.
If you are an existing customer of theirs and need some help, they have put together a FAQ guide here.
From a product range stance, they have pulled a portion of their products – predominantly their higher LTV products.
We can speak to Kensington on your behalf, but you need to give them consent first over the phone. You can find more information on how Kensington can help here.