new mortgage or to remortgage
Getting a Mortgage Post Coronavirus The mortgage market has been totally shaken up by the recent pandemic and recent interest rate rises. This affects everyone with a mortgage, especially those who are looking for a new mortgage or to remortgage. The after effects are still being felt now and it is anticipated that they will be for some time. If you received any Covid support you will more than likely face greater scrutiny when you apply for a mortgage. If you received income during the pandemic from the furlough scheme of the self-employed income support grants it could impact on your ability to get a mortgage. If you were in receipt of furlough payments and are now back at work as normal, lenders will require proof of this. This can be as simple as providing a payslip. If you are self- employed and received any or all of the five SEISS grants then lenders will want to see evidence that your business is back on track. If you took a payment holiday on loans or your mortgage during the pandemic this too can affect your application, lenders can find out about coronavirus payment holidays even if they do not appear on your credit file. Speaking to a qualified and experienced mortgage broker about your circumstances now and during the pandemic will help them to recommend lenders who are more likely to lend to you based on your individual set of circumstances. The process of getting a mortgage has been taking longer than before because of delays across the chain, so, its advisable to start looking as soon as possible. Turnaround times are getting back to normal but we still recommend starting your search as early as three to six months in advice especially if you are looking to remortgage and want to avoid your lenders standard variable rate.