Although the Prime Minister is hopeful that current pressures resulting from Coronavirus (Covid-19) will ease in the coming months, some people are becoming increasingly concerned about their finances, not least repaying mortgages, should they have to self-isolate or take temporary leave from their jobs.
The self-employed may also face losing freelance work, with customers preferring to defer projects for a few months.
The Government is reviewing policies on a daily basis. It is committed to sustaining a healthy economy, whilst also protecting jobs and supporting individuals and businesses as much as possible through loans and benefit payments.
We are following developments closely, enabling us to update our valued customers, giving them the best possible advice to suit their personal circumstances.
So, we urge anyone potentially facing temporary financial challenges, with a period of reduced income, to seek our advice, rather than worrying about debt building up, potentially threatening their credit rating. There is no need to feel embarrassed; you are not alone at this difficult time – and there are solutions, with opportunities for mortgage repayment breaks. But the earlier you address problems, the better for your wellbeing.
Anyone having exchanged contracts on a property purchase, but whose financial position may be in temporary limbo, should also seek further guidance on their mortgage agreement, rather than risk losing their deposit by withdrawing from a deal.
People with fixed term mortgages may also be worried about changing lender, but, with interest rates low, competitive re-mortgaging deals are available.
Our specialists at The Mortgage Centres can provide one-to-one confidential guidance on all the options, which can be tailored to individual needs. Just give us a call.