Once your mortgage application has been submitted, the lender starts the assessment process. You will need to provide various documents and there may be several conversations and requests before you hear whether the application has been accepted. Your broker will be liaising with the underwriter at every stage and keep you updated of developments when they occur.
Read more…Mortgage Payment Holiday Extension
From 20th November, the FCA has confirmed new guidance for homeowners who are struggling financially due to coronavirus. The mortgage payment holiday scheme, first announced in March and then extended in May, has been further extended until 31 March 2021.
Read more…Understanding the Help to Buy Equity Loan Extension
Help to Buy has assisted many buyers to secure a new build home since it was launched in 2013. However, the scheme is due to change significantly. The current scheme will close to new applications on 15th December so buyers hoping to use it are running out of time.
Both developers and purchasers who are using the current scheme will be aware of two key dates; a physical completion date for developers of 28th February 2021 and legal completion for buyers of 31 March 2021.
Read more…How can you maximise your chances of mortgage approval?
With the property market still in the early stages of recovery and lenders criteria changing regularly, it’s worth being pro-active and following some of these tips to maximise your chances of mortgage approval:
Read more…What happens when your mortgage payment holiday ends?
New guidance has been issued to lenders about how they should support borrowers coming to the end of their agreed pause in payments.
The Financial Conduct Authority (FCA) has said mortgage borrowers will still receive help from lenders if they continue to face payment difficulties due to coronavirus.
The regulator wants to make sure that you will continue to get the support you need if you still face financial difficulties at the end of your payment holiday.
Under current guidance, payment holidays are set to end on 31st October 2020.
Read more…Remortgage: What does it mean and how can it benefit me?
Many shop around to get the best deals, but what about when it comes to your mortgage?
A mortgage is a massive financial commitment, so it goes without saying that you may be sceptical to change something you’re so familiar with. However, did you know that remortgaging comes with many benefits? And the biggest benefit of all is how much money you could be saving.
Read more…How will changes to income affect my mortgage application
We’re actively managing the evolving impact of the coronavirus outbreak. During the pandemic, substantial changes are happening across the market, with some changes taking place hourly.
We are working our hardest to ensure you have all the relevant information you need.
Read more…Mortgage and Protection Guidance
We hope you find the below information helpful during what is an uncertain time for many. As your advisers, we want you to know we are here to help in any way we can. If you have any questions around either engaging your lender or more broadly around your mortgage, protection policies or the wider impacts of the Coronavirus on your financial position please do get in touch.
We do not charge any fees for the advice we give.
Read more…Mortgage Holiday – what you need to know.
The ongoing pandemic is a fast-changing situation, all the information written in this article is correct at the time of publishing.
Last week, the government announced homeowners and landlords can apply for a three-month mortgage payment holiday in response to the ongoing coronavirus outbreak. The change was announced in the hope of easing financial stress during this difficult and ever-changing time.
Read more…We're here to help
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Emma
Choice Mortgages have provided me with a fantastic consultative service for over 10 years. I've had absolute peace of mind that everything related to my mortgage, home insurance, life insurance and critical illness insurance has been in hand. Nicki and the team have always given me informed guidance and I've had every confidence in their recommendations and products. A first-class service that I wouldn't hesitate to recommend.
A first-class service that I wouldn't hesitate to recommend.
