Page 35 - ESPC Magazine Dec 2020

MORTGAGE ADVICE EXPERT ADVICE

STRUGGLING WITH MORTGAGE THE IMPORTANCE OF EXPERT ADVICE
REPAYMENTS? Dorothy Rankin, Partner at Lindsays, explains why buyers cannot afford to underestimate

the value of expert advice to get the best deals.
Murray Souter, Independent Mortgage Adviser at ESPC Mortgages, explains what
you can do if you’re struggling with mortgage repayments.

If you are finding it difficult to make your A mortgage is basically a loan secured on a Buying a home without - and it can become all providing a personal service
mortgage repayments, here are some of your property and if mortgage repayments fail to proper advice has always too easy for buyers to get - really comes into their own.
options. be met, the property may be at risk of being been beset with potential carried away.
repossessed to clear arrears. However, this would pitfalls. In the competitive A good property lawyer will
Many lenders are currently offering mortgage be a very last resort and all parties, including the market in which we find One of the key pieces of earn their corn by tilting the
payment holidays to assist homeowners who lender, would be keen to avoid this. ourselves, the value of advice that I am giving odds of success in favour
are struggling financially as a result of COVID-19. expert support cannot be to clients currently is to of their client - or, indeed,
This “holiday” is actually a pause on repayments The most important thing to remember is to underestimated. rein themselves in when in realising where to draw
until you are able to start paying them again. advise your mortgage lender immediately if your it comes to competitive the line. That comes from
circumstances change so that you can review The simple fact is that if closing dates. It can be easy analysing and understanding
The application deadline for a mortgage your options. Missing mortgage payments will you get things wrong, you to get swept along with the the complexities of the
excitement of a purchase
will pay the price financially.
payment holiday was recently extended to have an impact on your credit history and make So it’s important to have and fail to recognise that market.
the end of April 2021. You should speak to it very difficult to obtain credit elsewhere. someone in your corner who prices cannot continue to
your lender if you are interested in a mortgage can see the bigger picture. rise in the way in which we Sometimes that insight is
payment holiday. Lenders will want to work together to try and have seen since the summer around prices, but often it’s
resolve the problem. In addition to payment Changes to property - properties are often selling about trends, including how
There are also other things you can do if you holidays, other solutions may include extending purchasing brought about for significant premiums at buyers are using “subject
to sale” clauses on their
are struggling with mortgage repayments. Using the term of the mortgage to reduce the monthly by COVID-19 are not just closing dates. own homes in deals. Most
savings or obtaining financial help from a family payment or switching to a lower rate product. those in terms of virtual purchasers are buying first
member may be one option which would allow viewings and safety There are delicate balances – subject to sale – rather
you to reduce monthly outgoings. ESPC Mortgages is a team of independent measures. The post- to be struck, which is where than selling before buying,
mortgage advisers with a wealth of expertise. lockdown market is intense an experienced lawyer - meaning they, in turn, need
Buildings insurance is a condition of all mortgage Contact the team on fsenquiries@espc.com or efficient, effective marketing
products and must remain in place, but you may 0131 253 2920. Find out more at of their current property.
be able to shop around and obtain a lower cost espc.com/mortgages
product. Mortgage and income protection cover In such a strong and
may also be in place and you should discuss with The information contained in this article is provided in good competitive market, the
faith. Whilst every care has been taken in the preparation of the
your lender how this can be maintained. information, no responsibility is accepted for any errors which, objectivity and knowledge of
despite our precautions, it may contain. No individual mortgage an experienced adviser can
advice is given, nor intended to be given, in this article.
be invaluable.
The initial consultation with an adviser is free and without
obligation. Thereafter, ESPC Mortgages charges for mortgage Dorothy Rankin is a Partner
advice are usually £350 (£295 for first time buyers). YOUR in the Residential Property
HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP
UP REPAYMENTS ON A MORTGAGE OR OTHER LOANS team at Lindsays. Get in
SECURED AGAINST IT. touch on dorothyrankin@
lindsays.co.uk or 0131 656
ESPC (UK) Ltd is an Appointed Representative of Lyncombe 5556. Find out more about
Consultants Ltd which is authorised and regulated by the
Financial Conduct Authority. Lindsays at property.
lindsays.co.uk

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