To the BB Mortgages community,
I want to extend my thoughts to all who have been affected by the COVID-19 crisis. If you are sick, or caring for a sick family member, or separated from loved ones, my thoughts are with you. I especially recognise those in the healthcare community, whose sacrifice and dedication have been truly inspiring.
Here at BB Mortgages, we are doing our part to fight the spread of COVID-19 and keep our team and clients healthy.
BB Mortgages are here for you and your family, our team of professionals can help you today, completely free, from the comfort of your own home.
How we can help you right now.
BB Mortgages focus on accessibility.
In these unprecedented times it is clear that everyone is worried about the health of themselves and their family. As we don’t know how long isolation may be in place it means that financial worries will be very prominent as well. If you need help on benefits, mortgage holidays, what to do if your tenants can’t pay, loan payments, contact details for lenders, life insurance, income protection, Government grants, household bills and so on we will help with this as best we can.
As we are all stuck at home, it is a good time to review your outgoings for the future. So have a look at entrainment packages, electric & gas costs, insurances and the mortgage.
Mortgage lenders are still completely open for business and there is no change to lender criteria currently. If you are on a variable rate with your current lender, you are only a few clicks away from a new fixed rate with them. If your fixed rate is coming to an end, rates have fallen, so it is worth lining up a new option.
We are here to answer any questions so please use our social media to ask; James, Dean or Alison, any questions and we will answer them.
Our team of professionals also has access to accountants, solicitors, estate agents, HR experts that will be able to help.
BB Mortgages are also donating £100 for every mortgage that we do during lockdown to the Newark foodbank!
How the residential and buy-to-let mortgage payment holidays will work FAQ
What is a payment holiday?
With a payment holiday, borrowers will not have to make any monthly mortgage payments for a set amount of time, in this case up to three months.
However, it is important to remember that the money is still owed and the interest on the mortgage still accrues during a payment holiday.
At the end of the payment holiday the lender will be in contact to assess circumstances and agree a manageable way to repay the interest charges incurred and make up the deferred payments. Each lender will have a range of options to do this.
Who will be eligible for a payment holiday?
To be eligible for a payment holiday borrowers will need to be up to date on mortgage payments.
For buy-to-let landlords it will be available if tenants have lost income because of the impact of Covid-19.
There are a number of options available and payment holidays are not always the most suitable solution for everyone. By speaking to the mortgage provider, they can tailor the best option
How to apply?
If borrowers are concerned about making mortgage payments they should contact the mortgage provider as soon as possible. Documentation is not required; borrowers will just need to self-certify that their income has been either directly or indirectly impacted by Covid-19.
Buy-to-let landlords will need to self-certify that their tenant’s income has been impacted by Covid-19. Landlords are expected to pass on this relief to their tenants to ensure that they are supported during this time.
At the end of the payment holiday the lender will make contact to assess circumstances and agree a manageable way to repay the interest charges incurred and make up the deferred payments. Each lender will have a range of options available to help you do this.
How long will it take to process an application?
Firms are doing their best to support their customers during these unprecedented times. However, the spread of Covid-19 is also having an impact on their own staff and applications will be dealt with as quickly as possible.
What will happen to credit scores?
Mortgage providers will make every effort to ensure that borrowers taking a payment holiday will not be negatively impacted on their credit score.
What happens for those already in arrears?
Lenders will make every effort to support people already in financial difficulty and will make this process as simple as possible. Mortgage providers have agreed to a three-month moratorium on residential and buy-to-let possession action, meaning that no homes will be repossessed at this difficult time.