The coronavirus is a concern for everyone right now, it has impacted the lives of all of us here in the UK and throughout the world.
It is our intention to continue supporting you through this challenging time. We understand that you need a brokerage service that can give you timely updates and act quickly to support your lending requirements. That is why we have put into place processes to ensure that our staff can continue to deliver a high level of service to our clients.
Much has changed in the past week and we are now seeing the impact in the mortgage industry.
The Bank of England has reduced its base rate of interest to 0.1% this is the lowest in its history and means that this could be an imperative time to review your mortgage and re-assess your portfolio.
The government has also announced radical measures to support those who are having difficulties in meeting their mortgage payments. A “mortgage payment holiday” of up to three months is being offered by lenders to those who have been impacted by the coronavirus.
Mortgage lenders have also announced that they will not be initiating any new repossessions for residential and buy-to-let properties, for the next three months for borrowers affected by the Covid-19 virus.
In an official press release on the 18th of March, the government announced radical emergency legislation to protect renters. As a result, no renter in either social or private accommodation will be forced out of their home during this difficult time.