Coronavirus mortgage relief measures were launched last week in order to help home owners who may be struggling to make mortgage repayments as a result of the Covid-19 outbreak. Then, the Bank of England announced a further interest rate cut, which brings the base rate to an all-time low. If you're finding it hard to keep up with all the new announcements (we are), then help is at hand.
The online mortgage specialists Habito have launched an easy-to-navigate coronavirus FAQ resource that covers all the recent developments from mortgage relief measures to the base interest rate cut and its implications for home owners.
What's particularly useful about this resource is that it answers the questions both current and prospective owners may have, so that you're not left wondering, 'but what do I do if I have only just got a mortgage', or 'how do I proceed if I haven't accepted a mortgage offer yet?'
Existing mortgage payers can find out how to apply for mortgage relief with their bank and how the so-called mortgage holiday works in practice in terms of future repayments.
One of the most useful takeaways from the resource for prospective homeowners is that if you haven't yet signed for a new mortgage and think you might get a better deal now that the interest rate has been cut further, you don't have to go ahead. You can still accept a different deal.
Tempted? Take a look at Habito's online mortgage comparison tool below to see what's currently on offer.