Important mortgage update, March 2020

It’s currently a turbulent time for finances and many people are concerned about how they’ll manage their money. As mortgages are a major part of monthly outgoings, we have put together a list of 5 things to help you in the current climate.

Mortgage lenders have made a commitment to the Government that they will offer ‘payment holidays’ of up to three months, for those affected by coronavirus. Many worried mortgage holders are currently finding it hard to get through to their banks to discuss potential financial difficulties but don’t worry — speak to us and we’ll give you guidance and support about the options available.

The Bank of England recently cut the base rate twice, and it now sits at a record low of 0.1% — but this doesn’t mean your mortgage rate will have changed as lenders generally haven’t followed suit. However there are mortgage interest rate deals that could save you significant amounts per month, so contact us and we can guide you through what’s available on the market.

We recommend reviewing your mortgage regularly, now more than ever with rates so low. From our experience we know there are lots of people in an overpriced mortgage, so no matter how long you’ve had your current deal (even if you may face early repayment penalties) you could still achieve savings. Get in touch and we’ll see if we can help reduce your monthly outgoings.

While we all tend to assume our jobs and income will continue and that we’ll always be in good health, unfortunately this isn’t always the case. Could you or your partner afford to pay your mortgage and bills, should the unthinkable happen? Speak to us about how we can help give you peace of mind against such situations.

In most cases with mortgages, there are savings to be had right now. Waiting could end up costing you more money, so contact us to get some impartial, whole of market advice.

What should you do now?

Despite the current situation in the UK, there’s no need to worry over your mortgage and finances. At ReSource we are independent mortgage specialists and we’re here to help you find the right deal for financing your property.

Whether you’re a first-time buyer, moving home, looking to borrow more on your existing mortgage, or a buy to let landlord, we’ve got the right solutions for you.

You can count on us for specialist advice and support, with our dedicated team providing the best service possible. And when it comes to protecting yourself, your loved ones or your home, we can put in place the right insurance to ensure your peace of mind.