Mortgage: New information service set up to help with coronavirus worries
Mortgages are protected in the short term. The government have introduced mortgage “holidays” which allow people to delay mortgage payments by up to three months. This will no doubt help people but there are still support options available for people who need further help.
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The Mortgage Advice Bureau is an intermediary brand which offers impartial advice to consumers for their living arrangements.
In recent days, the organisation has launched a dedicated Mortgage Information Support Service to help homeowners who are worried about their finances as a result of the Coronavirus (COVID-19) outbreak.
The service, which is free for everyone, has been set up to answer any queries people may have about paying their mortgage.
The service can be accessed online but qualified mortgage advisers can also provide tailored advice over the phone.
Brian Murphy, the head of lending at Mortgage Advice Bureau explained further:
“We are living in unprecedented times and some homeowners are rightly worried about their finances.
“With a mortgage typically being a homeowner’s largest outgoing, monthly mortgage payments are naturally going to be homeowners’ biggest concern.
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“We’ve set up the Mortgage Information Support Service to help people through this challenging period and to offer advice to those who need it most.
“The helpline is managed by fully qualified mortgage advisers who can provide guidance about what to do if repaying a mortgage is a worry during the Coronavirus outbreak.
“As the situation changes in the UK and across the globe, it’s difficult for people to foresee how their monthly income will be affected, particularly for homeowners on short-term, temporary or zero-hours contracts
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“The government is doing its best to help people during these difficult times and we certainly take financial well-being very seriously, so we are also doing our utmost to support people.
“We hope that the helpline will allow homeowners to talk openly and get them back on track with their finances.”
There are also other impartial organisations which provide information on the options people have for their finances.
These companies can include the Money Advice Service and Citizens advice. The government’s website is also being updated with information on coronavirus on an almost daily basis.
Recently, the government detailed that the mortgage holiday rules will stretch to Help to Buy homeowners. Homeowners under this scheme who are struggling to pay interest fees on their equity loans will be supported by the state.
Help to Buy Director Will German confirmed the following:
“We will do all we can to support Help to Buy customers through this unprecedented period of economic uncertainty.
“Like other lenders, we will offer payment holidays for those who are struggling to pay interest fees on their equity loans.
“We will also offer a range of flexible payment options to defer interest payment for a period. In all cases, we will seek to support households in difficulty.”
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