There is a lot of negative press around the mortgage market at the moment with some lenders stopping lending altogether and others demanding a deposit of around 40% for new purchases.

This is because valuers are not doing any home inspections and the lenders need to be certain that they are not lending on properties where they think the value may be unsafe.

There are a few lenders who will look at a 25% deposit where the valuers will do home inspections but this is under constant review. Even if your mortgage has gone to offer stage, the government is encouraging people not to complete on their new purchase for the foreseeable future, so even if you have the right deposit, you still might not be able to move.

There are still some areas of the mortgage market though that are carrying on as normal, meaning there are still ways to save money.

If you are on your lender’s standard variable rate, either because you always have been or you have just come to the end of a fixed-rate period, you can still get a better deal. You can either stay with your current lender and get a new product with them or remortgage to another lender, subject to you having a large amount of equity in your property and subject to lenders taking on any new business.

Beware, if you are thinking of taking up the Government’s three-month mortgage holiday, we’ll need to be careful that moving to a new lender doesn’t affect that.

Get in touch with me today to discuss how I can help you through this.

Due to the current restrictions over coronavirus I’m not doing face to face discussions but I am happy to do free, no-obligation consultations over the phone on 07767 692 653 at a time to suit you.

Or, if you prefer, you can contact me by email at mgrayshan@googlemail.com and I’ll try my best to help in any way I can on mortgage or insurance issues.

For more details on the services I offer please visit www.markgrayshan.co.uk

In the meantime, stay safe.