Lynch Financial Services

Anyone who has ever applied for a mortgage – particularly for the first time – has no doubt worried they might be rejected 😟

This article could help steer you in the right direction before you apply 📰

Six reasons your mortgage may be rejected |   Mortgage lenders have toughened their rules in recent years, meaning the application process has become more rigorous. Here’s the heads-up on some

🏡 Thinking of buying your first home or moving to another property?

Before you arrange your mortgage, make sure you know what you can afford to borrow. Find out where to get a mortgage, the different types and how the process works.

Contact Michael for more information:
☎️ 07710145644

📰News just in.

One particular building society will be opening 90% loan to value mortgages starting from next Monday. Give me a shout and I can advise on rates when they are available

Getting more and more enquiries in recent days from customers hoping to purchase with a 5% or 10% deposit

The problem is that very few (if any) lenders are accepting applications here at the moment unless you have a deposit of 15% - 20% and those that consider lower deposits have daily limits which make it almost a lottery when trying to apply

Hopefully things start to open up again as lockdown eases and we can start getting through the backlog building up

Please bear with us until things settle down as there’s little or nothing we can do in certain circumstances, until lenders make more products available again

We’re monitoring this on a day by day basis and will as always keep you posted

Stay safe,
Michael

The government has now effectively put the UK property market on hold in their latest guidance released this morning. Exemptions are available for deals that have already been set for completion and new build properties

Lenders have reacted by extending current offers which should help many but my advice would be to speak with your mortgage broker and solicitor ASAP if your currently caught up in this situation

Folks, the majority of mortgage lenders are now slowly grinding to a halt for new applications. Most can't carry out physical property valuations, as a majority of their employees are either not at work or working from home and there's increased concern from the legal side in relation to completions.

I will continue to keep all clients updated in relation to their individual applications but the usual service standards from the lenders have all now gone out the window, which is obviously having a knock on affect on our ability to process business in our normal fashion.

I will continue to work as best as I can for all of my clients and you know where I am if you need to chat anything through

Take care
Michael

☎️07710145644

A 3 month payment break can also be granted for private tenants and landlords as well as residential mortgage holders as financial pressure grows on public due to Covid 19

⚠️ Important, please read ⚠️

For many the ability to take a mortgage payment break for up to 3 months is welcome news

However, there’s little or no proper warnings out there, as to the downsides of using this facility

Many lenders will simply add the missed payments onto your mortgage balance and you will repay this (plus interest) over the remaining term of your mortgage, which will mean you paying back much more than the value of the actual ‘payment break’. It’s effectively borrowing money from your lender

Majority of lenders will also not allow you to change your mortgage product during this break, which means if your coming off a fixed rate deal during the next 3 months your payments will likely increase during this time and those increased payments (plus interest) will also be added to your balance that all needs paid back

If you need to take the break then it’s a facility that you should use but just be aware of the disadvantages that aren’t being spoken about in the media / press

Again if any clients need to chat things through, you know where I am

Take care, Michael

Halifax customers looking for a mortgage payment break, due to Coronavirus, can now apply for this online as opposed to trying to get through on phone lines. Link is below & it's a very simple form. Anyone needs any help with it you know where I am, Michael

☎️ 07710145644

https://www.halifax.co.uk/mortgages/existing-customers/payment-holidays/request-a-holiday2/