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We appreciate this is a troubling time for many, but we’re determined to help our local community in every way we can.
In line with Government advice, our offices are now closed, but our friendly team are still available and ready to help you.
All our advisors are working from their home offices and meetings are being carried out via phone or video call. We’re also available on email or through our contact form as always.
We’re receiving many questions from our customers relating to the current situation and how it affects their mortgage; we’ll touch on a few of them below but please get in touch for further clarification and guidance through these uncertain times.

Should you take a mortgage payment holiday?

If you have a mortgage and are considering taking a mortgage payment holiday, we recommend talking to us first for some free advice as there are some conditions you should be aware of.
Firstly, as it stands, you can only take your Coronavirus related 3-month mortgage payment holiday once, so we need to figure out if this is the right time for you to do so. Secondly, you will need to consider how your lender arranges repayment of the outstanding payments, so it’s worth us looking carefully at your situation to advise whether it’s the right option for you.

Have your financial circumstances been affected?

If you’ve experienced a change in circumstances relating to your work or finances, please contact us for some free advice. We can look at switching your mortgage rate to decrease your monthly repayments or discuss consolidating your debts as this may be your best option.

Is now a good time to remortgage?

The market is changing; the Bank of England has announced the lowest base rate in history, so this could be a great time to remortgage, but some lenders are also changing their criteria.
With access to the whole market of lenders, we can look at all options available to you and advise on the best way forward.

It’s never been more important to speak to an advisor.

As the world is rapidly changing, there’s never been a better time to talk to a mortgage advisor to look at your options. We can look at reducing your monthly outgoings, consolidating your debts, or releasing equity from your property to help you get through the times ahead.
Contact us today by phone, video call, email or our contact form, and we’ll be happy to offer you free advice and help you in any way we can. [/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_toggle title=”Am I entitled to a mortgage payment holiday?” style=”simple” size=”lg” el_id=”1585690622155-8b7c4bcb-4a4b”]Whether you have a residential or a Buy To Let mortgage, if you have been affected directly or indirectly by the coronavirus then you will be entitled to a payment holiday.
Providing your payments are up to date and you’re not in arrears your application should be accepted without any problems. If you were already having difficulties paying your mortgage prior to the coronavirus, you’ll need to discuss your options.
We recommend a chat with us first to look at all the options available to you.[/vc_toggle][vc_toggle title=”I’m not struggling right now, but I might be soon, should I take a mortgage payment holiday? ” style=”simple” size=”lg” el_id=”1585690894177-4aa91d91-2bd0″]With most lenders, you can set up a payment holiday now but delay the starting date by one or two months. It’s worth remembering that you can only take one Coronavirus related payment holiday. As we don’t know how long this disruption might last, if you don’t need to take a payment holiday right now, hold on to that option in case you need it a few months down the line. If you’re having difficulty deciding whether you should apply now or not, then call us and we’ll be happy to look into your situation and give you free advice.[/vc_toggle][vc_toggle title=”Do I need to show evidence that I’ve been affected by the coronavirus? ” style=”simple” size=”lg” el_id=”1585691149499-d92f8ffc-1dc3″]No, you aren’t required to provide any evidence but you will need to confirm to your lender that you’ve been affected either directly or indirectly by the coronavirus. You won’t need to prove it.[/vc_toggle][vc_toggle title=”How long is the mortgage payment holiday and what if I still can’t afford my mortgage after it ends?” style=”simple” size=”lg” el_id=”1585691172808-3b0db855-f9af”]Although some lenders may allow a longer period, according to the Government’s guidelines you will be able to defer your payments for at least 3 months.
If you’re still having difficulties after your ‘holiday’ period is over, most lenders will try and help you come to a new arrangement. We’re available to help you if you find yourself in this situation, so don’t hesitate to call us for some free advice before contacting your lender.[/vc_toggle][vc_toggle title=”Will I have to pay the money back at the end of the mortgage payment holiday?” style=”simple” size=”lg” el_id=”1585691203626-50951b43-dccb”]Your remaining mortgage balance will stay unchanged, and the interest owed during the payment holiday will accrue and be added on to your remaining repayments.
Most lenders will not alter the term of your policy, meaning your monthly repayments after the ‘holiday’ will increase slightly to make up for the deferred payments. The shorter your remaining term the higher this increase will be.
We can look at how much this will be before you apply, simply get in touch to arrange a chat to discuss.[/vc_toggle][vc_toggle title=”How do I apply for a mortgage payment holiday?” style=”simple” size=”lg” el_id=”1585691245207-2183e445-6836″]Check your lender’s website for an application form, or contact them directly. Once your application is processed your lender will set up your payment holiday as soon as possible.
You shouldn’t cancel your direct debit until you have spoken to your lender and arranged a payment holiday, otherwise, it could be recorded as missed payments which would negatively affect your credit score.
If your direct debit is due in the next 10 days, you may not be able to defer your payments until the following month, but you should still apply straightaway.
We’re happy to talk you thought the process and give you guidance before applying, get in touch with us and we’ll be happy to help you.[/vc_toggle][vc_toggle title=”Will a mortgage payment holiday impact my credit score? ” style=”simple” size=”lg” el_id=”1585691277744-d47af61c-edc6″]No, taking an agreed payment holiday will not affect your credit score in any way.
But please do not cancel your direct debit until you have arranged the payment holiday with your lender, otherwise, it could be recorded as missed payments which would negatively affect your credit score.[/vc_toggle][vc_toggle title=”If my mortgage deal doesn’t give the option for a mortgage payment holiday, can I still take one? ” style=”simple” size=”lg” el_id=”1585691308704-a71632ec-f0e7″]Yes, following the Government’s guidelines, lenders must offer a 3 month payment holiday to anyone who is having difficulties paying their mortgage due to the coronavirus.[/vc_toggle][vc_toggle title=”Once I’ve applied for a mortgage payment holiday should I cancel my direct debit?” style=”simple” size=”lg” el_id=”1585691325228-73cf7098-6550″]No, please do not cancel your direct debit until you have arranged the payment holiday with your lender! If you do, it’ll be processed as missed payments and will negatively affect your credit score.[/vc_toggle][vc_toggle title=”What happens at the end of my mortgage payment holiday? ” style=”simple” size=”lg” el_id=”1585691347867-c68e8ed0-44d3″]Your lender will recalculate your monthly repayments based on your remaining term; you will still owe the interest accrued from the ‘holiday’ period.
Most lenders will not change your term, meaning your monthly repayments will be slightly higher than before to make up for the referred payments.
Your lender will contact you towards the end of your payment holiday with the details of your new repayment plan.[/vc_toggle][vc_toggle title=”If I have more than one mortgage what do I do? ” style=”simple” size=”lg” el_id=”1585691379985-a6db2bf4-6a86″]You will be able to take a payment holiday on each mortgage you have. You’ll likely need to complete a separate application for each property.[/vc_toggle][vc_toggle title=”I’m thinking of remortgaging, should I wait until after my mortgage payment holiday?” style=”simple” size=”lg” el_id=”1585691399610-034f5f7e-209f”]There’s no need to wait, lenders will still be active throughout your ‘holiday’ period, and so are we! We’re ready to help you find a better deal; we’re currently holding meetings remotely via phone and video call. We’re also available on email as always, and we look forward to helping you.[/vc_toggle][/vc_column][/vc_row][vc_row][vc_column][vc_empty_space][vc_empty_space][cta_button icon_fontawesome=”fa fa-envelope” text=”Contact Us” link=”url:https%3A%2F%2Fwww.mu-mortgages.com%2Fcontact-us%2F|title:Contact%20us|”][/vc_column][/vc_row]