What does Coronavirus mean for homeowners and mortgages?

The government has allowed miners a mortgage relief holiday where they can guarantee they don’t have to pay any more mortgage payments for the next 3-months. It’s not a case of the government paying these mortgages for you. It’s just a rearrangement have mortgage payments but you have been relieved for the next 3-months. This is due to the economy and so many people not being out of work during this coronavirus Outbreak. So in one way it is a good preventative measure put in place put less strain on the homeowners that are currently incapable of working these unprecedented times.

What does Coronavirus mean for homeowners?

Always more costs involved with running a household and just mortgage payments. Obviously if anything maintenance wise or major repairs such as the roof this has really been accounted for by the FCA or the government. However, the government did inform that they would pay 80% of £25,000 a year as a salary allowing companies to keep more employees on and helping the self-employed 80% the salary they earnt in the last 3-years. So they are providing the people with some income to get through this tough economic time.

Due to these unprecedented times homeowners are going through a lot of stress. One more is the economy is going to go down due to the amount of subsidiaries have been offered out by the government right now. Mortgage lenders obviously going through a very tough time and if they start to break due to the economy this can only mean bad things for homeowners. As if the economy tanks as will house prices and anyone in the position where they think “I need to sell my house fast” might even have negative equity and therefore be in a very difficult position. So therefore if you’re looking for a definitive and fast sale you should reach out to us today and can sort it for you.