If your financial situation has changed due to the Coronavirus and you are unsure of the financial support available to you, it is worth getting in touch with a mortgage broker who can help you understand and work through the available options.
There is currently a lot of talk about freezing mortgage repayments and while this sounds appealing, it is important to do your research so that you are aware of the implications. There could also be a better avenue during this time such a switching to minimum repayments, redrawing advanced repayments or reverting to interest only repayments. You might possibly also have some savings that you can dip into to help you meet your repayments.
Some homeowners have also considered refinancing however, if COVID-19 has impacted you financially, now might not be the best time to refinance. Instead of refinancing, you could engage a mortgage broker to negotiate a better rate with your current lender. If your lender isn’t willing to renegotiate, we can than consider switching lenders.
FIXED INTEREST RATES
To avoid deferring repayments and save interest, fixed interest rates are currently low and new short-term offers are available for one or two-year fixed periods. This might not be available to everyone, so it is worth discussing the pros and cons of this option with a Mortgage Broker.
At KLM finance, we are still open for business and here to help you find the best possible financial advantage for your individual situation. If you have any questions, please don’t hesitate to get in touch with Kerry.