Zoom Free Mortgage Advice Harrogate Leeds and Bingley

Six months have now passed since the UK was put into an official lockdown. Looking back it really is quite staggering how much has changed in that time within the mortgage industry.

The mortgage sector sometimes has this misconception that it’s ‘behind the times’, but there isn’t a shadow of a doubt that the industry has reacted extremely quickly and efficiently to Covid-19.

Lenders were very quick off the blocks, providing slick online processes to help clients who needed to take a payment holiday from their mortgage. Larger lenders and providers moved most of their staff to work remotely, while protection providers ensured that they could continue to provide cover, even with an unknown virus growing rapidly.

Learn more about 2020 Mortgage Repayment holidays if you’re already paying monthly.

Should you have any questions or concerns about your mortgage, please don’t hesitate to contact me. Mortgage Advice for first time buyers, I offer no obligation, no charge initial telephone consultation for residents of Barnsley, Blackburn, Bradford, Harrogate, Otley, Ilkley, Doncaster, Halifax, Harrogate, Huddersfield, Leeds, Leicester, Oldham, Rotherham, Stockport, Worksop and York and throughout West Yorkshire. Call FREE on 08000 141948.

Here are my thoughts on where the industry finds itself now – in the new world – and what we might see happen in the months to come.

Mortgage lenders and their appetite for new UK and local business is cautious

We’re currently witnessing lenders taking a more conservative and cautious approach to lending which I think will continue for some time.

Lenders are holding out for greater clarity on what will happen in the market. They’re considering potential customer impacts that could be seen in the not too distant future, including rising unemployment, consumer confidence dropping with a downturn in the economy, and concerns over personal finances and health.

This means that many lenders find themselves in a position where they have the funds to lend but are worried about potential affordability issues further down the line. I know from speaking to lenders this is a real challenge. Also, with mortgage enquiries on the rise due to the recent stamp duty deferral, the issue is how do we find a suitable product when there are limited options available, especially in that higher LTV space?

Mortgage Protection 2020 Consideration – Book a Zoom Consultation Now

The challenges faced on the protection space are remarkably similar with COVID-19 still very new to medical professionals, and indeed protection providers.

In March, providers took the decision to move away from a medical evidence approach for underwriting, to help speed things along and remove the burden from the NHS. However, service levels and medical requests are now back to pre-Covid-19 levels but there is now a change in providers’ underwriting appetite.

The majority of them are now deferring cover for up to six months for certain ages or previous medical conditions, which can cause frustration. Speaking to our protection provider partners, they’re getting more and more data each day to help them understand the condition and the short-term effects it can have. But re-insurers are also looking at the long-term effects of this disease and the potential impacts of future health risks. Until we see the launch of some form of anti-body testing or vaccinations, this could be an issue we continue to face.

As the pandemic progressed, more and more people have seen the value in having protection in place – for example, in March saw a 25% spike in the protection business. Protection has never seen such a demand in focus, and we want to ensure this continues.

As ever, we’re working extremely closely with our lender and protection partners to understand their view on the markets and risk appetite. Here at JAMortgage we are always open and transparent with our clients. It now seems like every day we are learning something new!

Whether you’re a first time buyer, moving-home, or looking to remortgage I’m here to help you navigate the choices between standard variable rate a fixed rate and repayment or interest only mortgages through to savings advice and the perfect match for insurance products. Call FREE on 08000 141948 for impartial advice at no charge.

I know it’s challenging out there, but we’re here to support and help guide you through the remainder of 2020 and beyond. So please do get in touch with us if you have any questions or require any mortgage or protection guidance.

Guiding You Through Your House and Home Buying Process

If you decide to proceed with our Mortgage Advice services, you will receive one to one advice from your dedicated Mortgage Broker in Leeds. Your Mortgage Advisor will be available to guide you through the house buying process and advise you on the best options available to you.