Remortgaging your property during Covid 19
While Government guidelines remain in place providing that physically moving house is not recommended during the current lockdown period, notwithstanding it remains perfectly possible to remortgage your property.
Direct applications to lenders are mostly made on line and mortgage brokers are also taking clients instructions by email or on line. If you are able to upload ID pay slips and P60 forms this will help the process. Unless you are looking to borrow a high percentage loan to value, the lenders rarely insist on a physical valuation of the property.
As a consequence of the crisis, some lenders have moved to cap the loan to value at a lower rate than previously with 60% now seeming to be point at which most lenders would require a valuer to actually visit a property, which clearly cannot happen at present
As a Firm we are finding that currently a large proportion of lenders are not taking any calls, but are replying to letters and emails, although with a degree of delay. The majority of lenders will email out their offers, but posting should offer no real difficulty.
The approval process might take a little longer than normal, so it’s worth bearing that in mind. Also the notice period lenders usually require to order the mortgage funds has increased from a week to sometimes two weeks. If searches are required, whilst some councils are fully open others are closed or offering a reduced service so delays may be experienced here.
You will need to sign a mortgage deed in front of a witness, which can be challenging as you are not usually permitted to have a member of your family be a witness to your signature, and you must comply with social distancing rules. One example of a solution to this that we have experienced is where the borrower calls their neighbour, signs the deed in front of the neighbour as a witness, usually through the window, before posting the deed through the neighbour’s door for them to sign and witness and return in a similar fashion.
Some (but not all) lenders offer legal services as part of the remortgage process. Where they do not or in the event that you do not wish to use the lender’s legal service, Tollers can assist in dealing with your remortgage. We are committed to continuing our high standards of client service during the lockdown period and have adapted our working practices to ensure that we can assist whilst also following the government’s current Covid-19 guidelines. We work with you to ensure we communicate in a way that works for you, we are happy to talk on the telephone and also through email and post if necessary.
If you are looking to remortgage at this time…Talk to Tollers on 01604 258558 and our small office based team will ensure the right person gets in touch to provide you with a no obligation quote for your remortgage and can assist with all your property needs.
For more information on the services our conveyancing teams provide click here: https://www.tollers.co.uk/conveyancing-solicitors/