Episode 265 - On this week's show we talk to Will, a mortgage expert at independent mortgage specialist Habito. We ask a range of questions that have been supplied by newsletter subscribers and members of the Money to the Masses Facebook community group. The questions are summarised below, next to the time that they appear on the podcast for easy reference. Also, with the end of the tax year fast approaching, we provide a quick reminder of the tasks that you need to complete before the deadline on the 5th April 2020.
11:28 - What can people do if they are struggling to afford their mortgage payments?
12:22 - Is it a good idea to request a mortgage holiday even if you can afford your mortgage payments?
14:25 - What are the potential implications of taking a mortgage holiday on any future plans to remortgage?
16:30 - If you take a mortgage holiday will you be required to pay back that money if you remortgage in the near future?
17:33 - What are the impacts of the Bank of England's interest rate cuts on those with an existing mortgage?
20:30 - There are reports that lenders are withdrawing mortgage products from the market or are focussing on customers with lower loan-to-value mortgages. What trends are happening in the mortgage market at the moment?
23:27 - Are mortgage lenders anticipating a house price crash?
25:16 - If people are looking to buy and/or sell a home should they reconsider?
26:48 - What is likely to happen to those people who have already been given a mortgage offer?
27:35 - What are the implications of the current property market conditions for landlords?
29:03 - I’m not working and I expect it to take a while in the current climate for me to find another job. In the meantime, I'm hitting the end of a 5 year fixed term on my mortgage. 1) Will I struggle to remortgage with another provider? 2) What options would I have with my current provider to take advantage of the low interest rates?
30:07 - If you take a mortgage holiday, does it impact on your ability to equity release on your property? If so, how long for?
31:07 - I am looking to buy a property and have roughly 36% deposit saved for the house that I want to buy. I am not planning on buying for 3 more years due to personal circumstances. At what point does saving, or giving more to a lender result in diminishing returns in terms of the mortgage deal / repayments. Should we be saving even more for a deposit? Or is it not worth going over 30% 40% 50% LTV?
32:33 - I have a high value property which I own outright. Will I still be able to get a substantial loan against it? How will the current situation affect my ability to get a loan and its conditions?
33:23 My product is coming to end in June but the term ends next year. I’m 63 years old and my bank will not give me another product. What can I do?
34:30 I’m a first-time buyer, will it be a good time to buy a house when this is over or will it be best to wait until things recover? Will the mortgages LTV increase again?
36:06 - We are paying our mortgage back as interest-only at the moment, we need to get back to repayment but with the uncertainty at the moment, my husband is self employed, I am employed what would you advise?
38:23 - Is it taking longer to get through to lenders?
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