Mortgage difficulties due to coronavirus? Remortgaging is possible – here's how

If you're worried about your mortgage reverting to your lender's (more expensive) variable rate, you can still remortgage during the Covid-19 lockdown

mortgages and coronavirus
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If you're worried that the coronavirus lockdown means that you're stuck in your current mortgage, you'll be relieved to hear that remortgaging is still very much a possibility, with lenders reintroducing many of the deals they had withdrawn last week.

Following the government's announcement of a three-week countrywide lockdown, many UK mortgage lenders reacted by withdrawing most new mortgages and many remortgage offers. This happened primarily because the evaluation process became impossible to carry out in many cases, to say nothing of viewings.  

However, this week, it has become apparent that many lenders are eager to get their remortgaging offers back on the table, with the possibility to carry out some evaluations remotely. We've partnered up with the online mortgage experts Habito, who comment:

'While some banks are temporarily withdrawing some deals, we're also seeing offers being reintroduced, including at higher LTVs (up to 80%) from Halifax. So, it's really important people know that there are still mortgages available and homeowners still have options if they need to switch to save money and avoid their lender’s expensive default rate, during this time.

'A broker will be able to take an independent look at all your options to find the best one – right now, that means looking not just at the interest rate and fees, but also things like the lender’s current waiting times and whether valuations can be carried out remotely, which broker's like Habito are working hard to keep on top of.

'If someone's circumstances have changed or someone is worried about their situation now, the best thing to do is to get qualified advice. Many brokers work online and are free.'

So, if you're looking to remortgage, don't be disheartened, and have a go comparing deals using Habito's online comparison tool below.