COVID-19 – Can I remortgage while self-isolating?
There could be many reasons why you need to remortgage, and whilst the current crisis is taking place, lots of people have been giving some thought to how they might reduce their monthly outgoings – a key factor in causing people to remortgage.
However, if you have had to self-isolate due the current outbreak you may be wondering how you can do this if you can’t leave the house, so we’ve put together a selection of answers to the questions we’ve been getting to hopefully put your mind at ease.
My deal is coming to an end – how do I remortgage now?
This is a simple one. If we put your original mortgage in place then the chances are we’ve already been in touch, however you can always call us directly and we will help you right away. As we already have an existing relationship with you we will just need to make sure our details are up to date, and then we can find you a new great mortgage.
If you’re new to us we will need to complete our normal Fact-Finding Questionnaire, however this can all be done over the phone. Your adviser will be able to give you an immediate quote and recommend a new mortgage product and lender.
Using the latest technology and some good old-fashioned customer service, we can help you supply all the documents we’ll need electronically, so you don’t need to leave your house.
Will I need to let a surveyor in to my house?
Your health and safety will always be a top priority, so if you are self-isolating or shielding, we will inform the lender as part of our application process. In lots of cases, it’s common that a valuation for a remortgage will be done remotely and a surveyor will not need to come to your house. If however for some reason the loan cannot be approved until a surveyor house physically seen your house, we will work with the lender to get the rest of the application approved subject to valuation so that as soon as you allow, the valuation can take place and the mortgage can complete.
How long will it take?
Most remortgages are quite quick to apply for and complete. As long as you’re able to send us the documents we need we can apply for your mortgage on the same day. Depending on the loan to value, some of our lenders will also value the property immediately, allowing us to get an offer in just a couple of days.
I am currently unable to work as I’m isolating – will I still be able to get a mortgage?
If you are off work and it is temporary, and you are returning to your work on your normal terms once your isolation period is over, then this won’t be a problem. If you are furloughed or may struggle to return to work and your previous earnings, your adviser will gather detailed information from you regarding your situation and advise you on all your options.