Borrowers who take up the mortgage repayment holiday may be denied the chance to switch onto better rates until after their payment break ends, Mortgage Strategy has learned.
Most advisers have already begun working from home, but those still in the office have put in place social distancing measures to keep themselves and their clients safe. Brokers say their diaries have remained busy, as applicants push ahead with remortgages and house purchases. While some brokers are receiving a growing number of enquiries about mortgage protection insurance.
Mortgage lenders have also been urged to clarify whether borrowers who take a payment break will see a damaging impact on their credit scores. Rishi Sunak announced yesterday that borrowers who fall into financial difficulty because of the covid-19 outbreak will be able to defer their payments for three months.
Calls for clarity on payment holidays and credit scores
Brokers trigger coronavirus contingency plans to stay on top of busy diaries
London’s property sector on Friday reacted with dismay to plans from Boris Johnson to slap a 3% “foreigner tax” on overseas buyers of property in the capital
The Conservative Party has pledged to raise stamp duty by 3% for overseas buyers.
Technology company, Thirdfort, enables clients to verify their identity documents and source of funds via a simple mobile app, streamlining a currently manual and time-consuming process for mortgage brokers and their clients.
VUCA. Volatility, uncertainty, complexity, ambiguity. Courtesy of a US Army think-tank, we have an acronym originally conceived as a way to describe the uncertainties of a post-Cold War world.
