Help our Heroes

For every completed Heroes mortgage or remortgage*, we will gift £100 to the NHS to support the vital work they are doing to keep us all safe in this time of uncertainty.

Everyone here at Clever Mortgages appreciates the efforts of the essential workers that are working relentlessly to reduce the impact of COV-ID 19. As such, we are going to donate £100 to the NHS for every completed Heroes mortgage or remortgage*.

Our brokers have a wide range of access to mortgage products on the market, including The Heroes Mortgage range introduced by a specialist lender. The product range includes mortgages for first time buyers, home movers and those looking to remortgage. These specialist mortgage products are designed for the Heroes among us, the essential workers that provide vital community services:

  • NHS Clinicians (including Paramedics & Nurses)
  • Teachers
  • Armed Forces Personnel (Army, Navy, Royal Air Force)
  • Firefighters
  • Police

This mortgage range recognises and understands that these roles rarely take on a 9-5 outlook and treats each case individually. With flexible lending criteria, the Heroes mortgage range is designed to help make our essential workers homeowners.

  • Mortgage loans of up to 5x income, subject to affordability
  • Overtime and second job income included in overall income
  • Limited credit history considered
  • Bad credit accepted
  • Debt Management Plans (DMPs) considered

Clever Mortgages say:

Mortgages for heroes are specifically tailored for borrowers currently employed in essential public sector roles. With the lenders approach, they understand that certain professions require real people to underwrite their case, and not rely on credit scores and system generated responses.

How can we help?

If you’re an essential worker and would like to enquire about getting a Heroes mortgage or remortgage, our expert advisors will be happy to help! Just get in touch and we might be able to set you on track to finding your perfect mortgage!

*see our full terms and conditions here

We’ve helped 1000s of customers, and still counting!

We’ve made it our mission to help as many people as possible find their perfect mortgage, specialising in helping people with a bad credit history or previous credit issues – we think everyone deserves a chance to remortgage or own their dream home!

Difference between going direct to a lender and seeking the advice of a mortgage broker:

Going direct to a lender: This means you go directly to a lender to seek a mortgage, such as a bank or building society. They’ll probably have a range of products and eligibility checks will decide what products and deals you could access; however, you’re limited to what that lender has to offer.

Using a mortgage broker:

A mortgage broker is fully trained and versed in finding the best deal on the market, our brokers, for example, are all experts in bad credit mortgages and work with over 100 lenders. This means they have access to a huge variety of products that you could be eligible for, as each lender will have different approval criteria- and sometimes brokers can even find deals not advertised openly on the market. Your broker will make it clear which lenders are likely to accept your application and can help you prepare so you have the best chances of approval.

Our expert brokers come with a wealth of experience and work with over 100 lenders who consider all applications, even with a bad credit history.

We could help you secure a…

First-time buyer mortgage:
As a first-time buyer, buying your first home is a really exciting time – but it’s a daunting one too. At Clever Mortgages we’re here to help. Your dedicated adviser will talk you through every step, to make sure that you get the right mortgage to match your specific needs.

Remortgage:
There are many reasons to consider remortgaging, whether to save money on monthly repayments, get on a fixed rate to help you budget, consolidate debt or raise cash tied up in equity for improvements(link to home improvements blog)– whatever your need, we have access to a wide range of products and could help to secure you finance no matter what your circumstances.

Debt Consolidation mortgage:
A debt consolidation remortgage can help you combine all or some of your debt into one consolidated loan, allowing you to close multiple accounts you may have and only deal with one monthly repayment. You can use a debt consolidation mortgage to consolidate both secured and unsecured debt, and could help you save money on several costly interest rates. Our specialist advisors could help you find the right debt consolidation mortgage for your financial situation, even with bad credit.

Secured loan, or a homeowners loan:
A secured loan allows you to take out a second mortgage on your property while keeping your primary mortgage intact. If you’re struggling to find a remortgage, or if you just want to keep your current mortgage while accessing cash tied up in your home, a secured loan could be the solution for you.

Help-to-Buy mortgages:
The Help-to-Buy scheme means you only need to put down 5% of a home’s value for a deposit. The Government will then boost this amount with an equity loan of up to 20% (40% in London). At Clever Mortgages we work with many lenders who could offer you a Help-to-Buy mortgage whether you’re a first-time buyer or purchasing a new home.

Shared-ownership mortgages:
Whether you’re a first-time buyer or home mover, we could help you buy a share of between 25-75% of a property and then pay rent on the remaining share. Sometimes it’s hard to save up a full deposit, a shared ownership mortgage could help you move into your dream home!

Right-to-Buy mortgages:
Right-to-Buy allows tenants of council properties, and some housing associations, the legal right to buy, at a large discount, the council house they are living in. If you’re a council tenant, we could help you to buy the property at a significant discount through the Right-to-Buy scheme.

Buy-to-Let mortgages
Having a buy to let property could be an investment for yourself or your family.  You may benefit from additional monthly income and capital gains in the value. Our expert brokers can help you purchase or refinance a buy-to-let, even with bad credit.

Self-build mortgage
If you’re planning on building a property you might want to consider a self-build mortgage. Whether you have built several properties before or if you’re planning your first self-build, we could help secure a mortgage that’s right for you.

Second-home mortgage
If you already own a home but are looking to purchase a second property, we could help find the right mortgage for you. With a second mortgage application, there could be more challenges to overcome than with your first mortgage, but Clever Mortgages can support you through the process so you can successfully buy your second home.

Professional mortgage:
Some careers can make it harder to find a mortgage. Perhaps you’re self-employed, or work in contract-based roles, maybe you’re a company director – we can help guide you and our expert brokers can help you find the best mortgage to suit you.

Our advisors and brokers are all fully trained in bad credit situations and work with over 100 lenders, covering almost all financial situations and giving us the ability to help people who might be struggling to find a mortgage elsewhere. We understand that bad credit can happen to anyone, for a variety of reasons but believe everyone deserves a chance to own their dream home and find a mortgage to get back on track.

We could help you get your perfect mortgage, even if you’ve experienced:

Here’s how we helped one couple save £485 a month

Debt consolidation remortgage, even with bad credit Secured a 5 year fixed rate of 2.10%
Consolidated to one monthly payment Credit score repairing

At Clever Mortgages we don’t believe that people should suffer due to a bad credit history. Mr H had been in an IVA and Mrs H was in a Debt Management Plan. They wanted to consolidate their secured loan, plus three other debts, into a new mortgage product – hoping that this would bring down their monthly repayments.

Mr and Mrs H were paying £1,582 and are now paying £1,097 per month.  Clever Mortgages we were pleased to be able to help them make a real difference to their lives, which is also helping them to improve their credit score.

 BalancePaymentRateProductTerm
Previous Mortgage£61,000£4901.25%Tracker12 Years
Previous Secured Loan £43,000£43610%Standard Variable Rate12 Years
Previous Unsecured debts£44,320£657VariousVariousVarious
New Mortgage£150,00£10972.10%5 Year Fixed13 Years

Previous Mortgage

Balance£61,000
Payment£490
Rate1.25%
Term12 Years

Previous Secured Loan

Balance£43,000
Payment£436
Rate10%
Term12 Years

Previous Unsecured Debts

Balance£44,320
Payment£657
RateVarious
Term13 Years

New Mortgage

Balance£150,000
Payment£1097.67
Rate2.10%
Term13 Years

How COV-ID 19 impacted mortgage products and the market

The coronavirus pandemic has changed many aspects of our daily lives, with everyone taking steps and precautions to work together to prevent the spread.

In uncertain times, banks and lenders are examining their products and the level of risk involved. A number of mortgage products have been withdrawn from the market, mainly those with a high loan to value (LTV), that being the percentage of the property’s value that you need as a mortgage.

Mortgages with a high (LTV)- for example a 95% LTV mortgage where you provide 5% of the property’s value and your lender loans the other 95% – are often considered a bigger risk to the lender and would most definitely require a valuation of the property. As these need more human interaction and intervention than mortgages with lower LTVs, making it difficult for lenders to find a risk-free way of continuing these products.

Many lenders found that, with in-person valuations being made impossible with the initial lockdown rules, offering high LTV mortgages became a much higher risk and providing them was less feasible in the current climate. Lots of mortgage deals with an LTV of over 70% offered through many major banks, such as Halifax and Barclays, were temporarily withdrawn. This doesn’t mean it’s impossible to get a higher LTV mortgage, it just means less are being offered and the criteria will most likely be stricter so the lenders can efficiently manage risk and valuation requirements. Not all lenders have chosen to do this so dramatically though, with Nationwide only limiting the cap to 85% LTV for first-time buyers and remortgages. With different lenders taking different approaches to managing the changes presented due to the pandemic, more than ever mortgage brokers are a valuable tool for those seeking to purchase a home, keeping constant track of the different LTV ratios for each lender and helping customers navigate a rapidly changing market.

Improving your chances of getting a mortgage after Covid 19

With the housing market back open – under strict social-distancing guidelines – and valuations able to re-commence, some higher LTV mortgages are beginning to return. With estate agents able to reopen, buyers have been able to look towards viewing properties, removal firms have been able to resume work and the housing market is starting to flow again – however it’s important to remember that social distancing and following guidelines is essential to ensure the purchase and sale of property can be done safely.

It’s been reported by Rightmove that the interest for “home-mover visits” hit 5.2 million, up 4% from the same day last year. Miles Shipside, Rightmove director, said the figures show “clear signs of returning momentum” which means those who have been thinking forward and looking to move home are not alone. With many of us looking to life post-lockdown and making plans for the future, it makes sense that there’s an increase in people wanting to own their own home. Click here to read the article.

If you want to increase your chances of getting a mortgage, luckily there’s plenty you can do to help prepare your application and prove you can be a responsible borrower- even with bad credit.

Also, read our article on the first steps of easing lockdown

Income

Having a stable income is important when applying for a mortgage. Lenders will want to know you’ll be able to meet repayments, and your income is usually how you’ll do this. It’s usually best to have been working in the same job or field for at least 3-6 months before applying for a mortgage, but some lenders can be more flexible. Even with furloughed income, a lender will consider this on a case by case basis.

Electoral Roll

Registering to vote on the electoral role is the simplest, yet one of the most vital steps in preparing your application. Lenders will use data from the electoral roll to verify your identity, making sure your address on your application matches the one you’re registered to vote at.

You can register here:  – and it only usually takes around 5 minutes.

Paperwork

Get your paperwork in order. This could be things like:

  • Proof of income – this could be payslips or your accounts
  • Expenditures – your lender will want to know you can afford your repayments. Any regular outgoings need to be accounted for, check your bank statements for any outgoings that you don’t need and could possibly cancel?
  • Identity – you’ll need to authenticate your identity so make sure you have the relevant documents, usually a passport or driving licence, but other documents can be used.
  • Proof of deposit – you’ll need to verify your deposit, but this can usually be done fairly easily – for example through savings accounts statements
  • Proof of address – e.g. utility bills, council tax statements

Credit Score

Your credit report is how a lender can see if you’re a responsible borrower and plays an important part in your mortgage application. You could still get a mortgage with bad credit (or even no previous credit), but if you’re looking to prepare an application, taking a look at your credit report and working to improve it will increase your chances of being accepted.

  • Use of available credit – the amount of credit available to you and the amount your utilising will have an impact on your credit score. Make sure you’re borrowing responsibly and don’t take out credit you don’t need.
  • Close old and inactive accounts.
  • Check for irregularities – if there’s something you don’t recognise or disagree with you can raise a dispute with the lender or the company providing your credit report.
  • Make sure you pay your bills and any credit repayments on time. Missed payments appear on your credit report and can impact a mortgage application.

If you’ve had to take a payment holiday as a result of financial impacts from the coronavirus epidemic, provided the payment holiday was agreed with your lender this shouldn’t impact your credit score or prevent you from taking out credit in the future. This includes mortgage payment holidays, car finance payment holidays and even some payday loan repayments. However, it is worth noting that payday loans rarely reflect well on a mortgage application and if you’re looking to apply for one, waiting until payday loan use has dropped off your credit file could boost your application.

Save a deposit

As mentioned above, there aren’t as many 95% LTV mortgages available right now so you might need to save for a larger deposit. You should usually aim to save at least 5% of the property’s value but a larger deposit reduces the risk to the lender which increases your chance of being accepted and could give you access to better rates or deals.

We’ve helped 1,000’s of customers get the perfect mortgage – specialising in helping people with bad credit. Get in touch with one of our advisors to find out more.

How to increase the value in your home

If you’re looking to make your home more valuable, you’re probably wondering where to start. We’ve put together a handy guide to see you through increasing the value in your property.

If you require finance to do the improvements, from a remortgage, equity release or secured loan, speak to an advisor.

Type of building:

First of all, you’ll need to check what type of property you own. If your property is a listed building you might need special permissions to make alterations. A listed building usually has national significance, historical interest or importance and has legal protection within the planning system. There are 3 grades, and any listed building will appear on the National Heritage List for England.

In order of importance, Grade 1 is for buildings of high significance, Grade 2 comes second and then Grade 3. Most listed buildings are Grade 2, and make up 92% of listed buildings. If you live in a listed building and want to make renovations that needs listed building consent, it’s vital you obtain this before carrying out any work.

Price ceiling:

There will be a price ceiling of properties in your area, which is the maximum price a property has sold for. This will give you a good idea how much you need to raise and invest in your property, but it’s important to remember the housing market can fluctuate so your property’s value could go up, or down. Adding substantial value to your home through renovations can make sure your home has selling appeal, and when done properly there’s always a possibility of breaking the price ceiling in your area.

How do I afford home improvements?

There are several ways you can raise the money needed to fund home improvements. Homeowners tend to have a wider range of loans available, especially if you’ve built up equity in your home.

Our expert brokers could help you find a secured loan (also known as a homeowner loan) or remortgage that could let you access cash tied up in your home, allowing you to fund your home improvements and raise the value of your property.

We’ll work with you, taking your current financial situation into account and presenting you with the options you have to make your vision reality.

Structural issues & problems:

Before you look to decorate, it’s important to check your property for structural issues and problems. These could be things such as

  • Damp
  • Cracks in the walls
  • Rotten timbers
  • Leaky roof, missing tiles
  • Sagging roof
  • Woodworm or other insect infestations
  • Leaning walls

If your home has any structural issues, defects or problems it’s advised to get these repaired. Not doing so could depreciate the value of your home and make it difficult to sell. This should be the first port-of-call when looking to renovate your home.

Extension:

Adding an extension is a popular and effective way of adding value to your property, adding up to 23% to the value of your home. In London especially, adding a 50 square foot extension could add £25,000 to the value of your property. (Source)

This can be a costly endeavour so make sure you weigh up sum it will take to build and the return of your investment.

Loft conversion: 15-30%

A loft conversion could see your home’s value increase by 15-30% making this one of the most cost effective renovations you can do.

Whereas this can be pricey, by converting your loft into a bedroom or liveable space, you can add an extra room onto your home and see a substantial return on your investment.

Kitchen makeover:

The kitchen is central for many families, and making sure the kitchen is a clean, inviting space can add real value to your home. On average, a new kitchen can add up to 6% to the value of your home.

  • Paint in clean, neutral colours
  • Replace old worktops
  • Look at investing in energy efficient appliances, many modern families are looking to be more eco-friendly when buying a home
  • Replace old floor tiles or sand and re-varnish dull wooden flooring

Open-Plan living:

One of the most popular renovations for increasing value in the modern market is creating an open plan living space, combining the kitchen and living rooms. This ties in with families finding the kitchen is the heart and hub of the home, so it’s important to bear this in mind when planning your renovation.

Making sure the room has clear zones for cooking, eating, spending time as a family and relaxing can help you decide how you want to lay out your open plan living space, looking at lighting and furniture placement to ensure the zones ‘flow’ to one another. There are countless combinations and open plan spaces can give you the opportunity to be creative with the space, making it a unique selling point and attracting families looking to buy a home.

It’s important to make sure you consult a structural professional before removing any walls, in some cases the walls are load bearing and you’ll need to install supportive steels if you want to open the space.

Plumbing & your bathroom:

If your home hasn’t had it’s plumbing upgraded in a while, looking to this can help increase the value and sale price.

  • Replace old toilets, baths and sinks. Renovating your bathroom can also add value.
  • Check and replace leaky or rattling pipes – consider modernised pipes if they haven’t been replaced in a long time
  • Make sure the drains are maintained, cleaned or replaced as needed.
  • Home water filter systems can be a great selling point, especially in hard water areas

Garage: up to 5%

Building a garage or driveway could add up to 5% to your homes value, so if you have the space it’s definitely worth considering.

Off-street parking is often considered a desirable selling point, although it’s important to ensure any construction adheres to local regulations, including highway regulations if you install a drop kerb.

Exterior:

You’ll want to impress potential buyers from the moment they set eyes on your home, so making sure the exterior is attractive and tidy is vital if you’re trying to sell your home.

  • Repair damaged brickwork
  • Repaint doors and windows, repairing or replacing as needed
  • Adding/replacing house number
  • Clean decking, patio or porch – first impressions count

Be sure to keep in line with permitted development guidelines, or obtain planning permissions if needed.

Decorating:

Walls: check the walls for cracks or peeling paint. Fixing cracks and adding fresh coat of paint can brighten the space and make it far more appealing, neutral colours are often preferred when looking to showcase a home to potential buyers.

Doors: Make sure the doors are clean, and squeak-free. A fresh coat of paint can work wonders here too, making sure you protect the handles etc. Check the handles, latches and locks all work.

Skirting boards: Giving them a quick wipe down, or fresh coat of paint will help your property look clean and tidy.

Flooring: Keep the carpets clean, replacing worn ones as needed. You can hire kits to do this at home, or hire professional cleaners depending on your budget. Wooden floors can be easily revitalised by sanding them down and coating with a varnish.

Lightbulbs: Double check they all work before a viewing. Energy-saving lightbulbs can be a good selling point for your home, especially if you’ve worked to improve the energy efficiency rating.

Electrics & wiring:

Making sure the electrics are up to date and safe can save hassle down the line if you’re looking to sell. Updating the electrics, upgrading the fuse box and making sure sockets are safe can help assure buyers and ensure you pass safety checks.

Garden:

A well-kept, tidy garden space can add value to your home, and make your property more attractive to potential buyers.

  • Mow the lawn(s), feed if needed.
  • Keep overgrown shrubs, hedges and trees in shape
  • Add flowers and planters for appeal
  • Make sure garden is free of weeds
  • Clean any patio space
  • Freshen up and repaint any decking
  • Private gardens are often appealing to prospective buyers, You can raise boundary fences and walls up to 2m without needing planning permission (0.6m on the highway) (https://www.homebuilding.co.uk/20-sure-ways-to-add-value-to-your-home/)

Central heating & your boiler:

Adding or upgrading a central heating system is a sure-fire way to add value to your home. Installing a new boiler and upgrading the radiators can have a huge impact – adding a condensing A rated boiler could reduce the running costs and can come with warranty of up to 10 years. If done hand-in-hand with improving the energy efficiency in your property, you could make a fair profit.

Energy efficiency:

To improve the energy efficiency, make sure you:

  • Replace and seal old windows, making sure they are double glazed. This has the added bonus of reducing noise, especially on main roads. Most houses are expected to have double glazing, unless there’s a listing reason that prevents it so it’s important to bear in mind.
  • Loft insulation – you should install loft insulation that’s at least 270mm thick
  • Wall insulation – insulating your walls can improve your EPC rating and you can sometimes qualify for help with the costs
  • Having a wood burning stove, over something like an open fireplace as a secondary heating system
  • Making sure appliances are energy efficient, such as fridges and washing machines
  • Changing the lightbulbs to LEDs or energy efficient bulbs

Mortgage Payment Holidays extended!

With the announcement from the Financial Conduct Authority (FCA) that banks and building societies can now extend Mortgage Payment Holidays for a further 3 months there is going to be a lot of questions from borrowers on how this is going to impact their potential borrowing in the future.  Also, could there be other options of reducing your mortgage payments that could help?

The difference between independent and bank mortgage advisers

Mortgage advisers in a bank or building society can only offer you advice and mortgage products from the bank or building society they work for.  If they don’t have a lending solution that is right for you, then you’ll have to find an alternative option yourself.

An independent mortgage adviser will search products from across the market, they have a range of lenders and products available to you.  With Clever Mortgages, this also comes with the experience of dealing with applications from those with low or bad credit ratings.  They are able to find the right solution from 100’s of lenders.

Is it time to seek independent advice?

Taking independent advice can make the difference whether you are looking to purchase, remortgage or just want to obtain a better rate.  Speaking to our brokers can ensure you achieve a significantly better deal; they’ll take your individual requirements in to account and could potentially save you thousands of pounds over the mortgage term.

Mortgage Payment Holidays

Mortgage Payment Holidays have given a temporary solution to over 1 in 7 homeowners who have found their income has been affected by COVID 19, but these are not free holidays, they are payment deferrals and will affect your mortgage balance, term and/or monthly payments going forward.  If your income is still affected the further extension may be welcomed, but you must also consider other options, could you make a partial payment each month, could you do a product transfer to lower your rate, could you use any over payments that you have made previously?  These are all options you should consider before looking to extend the holiday.

Read more on payment holidays here.

Remember: A mortgage payment holiday, MUST be agreed with the lender.  Cancelling your direct debit is not a payment holiday and will be counted as a missed payment. You should not cancel your direct debit without agreeing this with the lender first. A missed payment could show up in your credit file and may impact your ability to remortgage.

Why would I not just speak to my current lender, bank or building society?

As mentioned above, your current lender, bank or building society can only talk to you about the products they offer or give generic advice and information, they are not able to offer you products from other lenders, you are potentially missing out on other potential options and what might be a better solution.

Our mortgages advisers are qualified professionals who specialise in finding the most suitable mortgage deal for your circumstances.  They have access to a wide range of lenders from across the market and can make the difference between an application being declined or successful.

Lending criteria and available options available at the moment are changing daily and it is our mortgage advisers’ job to keep on top of the information and to find a solution to your lending requirement.

If you’ve had financial issues in the past, then you have a lot to gain from speaking to a mortgage adviser from Clever Mortgages, their specialisation is getting mortgages for people with bad credit and this requires multiple options from a comprehensive range of lenders.  A mortgage adviser and their supporting administration unit is there to guide you through the process and make sure they maximise your opportunities with the lenders.

If you still feel you need to contact your existing lender for a payment holiday, you can find useful contact information here.

What is a Product Transfer?

Mortgage providers are changing the rules on eligibility for product transfers, allowing homeowners who are on payment holidays or furlough to switch mortgage products at the end of their term. Mortgage holders on payment holidays wouldn’t usually be eligible for a product transfer, but UK Finance have announced that lenders are amending the rules to help those financially impacted by the epidemic. With one in seven mortgages in the UK utilising the support of payment holidays and many workers furloughed, this will potentially impact on mortgage holders’ ability to afford higher interest rates if they’re on a payment holiday at the end of their fixed-term.

Product transfers, even before coronavirus can help reduce your monthly repayments: by switching to a new deal with the same lender you could see a lower interest rate, saving you money. These transfers are usually unavailable to mortgage holders on payment holidays: however, in the current circumstances this has been changed. Homeowners on payment holidays, or who have been furloughed can now transfer products at the end of their term.

It’s worth talking to a mortgage adviser, such as Clever Mortgages, who can assess your options of a product transfer or a remortgage to another lender, this ensures you get the very best solution.

https://www.ukfinance.org.uk/press/press-releases/lenders-grant-1-6-million-payment-holidays-to-mortgage-holders

How does a product transfer work?

A product transfer is when you move from your current mortgage deal to a new one with the same lender, usually at the end of a fixed term. After a fixed-term on your mortgage, where the interest rate stays the same, the interest rate will usually switch to the lenders Standard Variable Rate (SVR) which is often higher than the rate of the fixed-term. The process of transferring products is usually quite simple and it’s unlikely you’ll need a valuation on your property.

Many product transfers don’t require affordability assessments as you’re not borrowing more money, as you might with a remortgage for example. It’s simply a case of switching products, meaning homeowners who have been furloughed as a result of the epidemic could transfer products without having to be subject to the usual affordability assessments, fixing the interest rate and preventing them from paying a potentially costly SVR.

Pros:

  • Not usually subject to a full valuation
  • No legal fees
  • Could reduce monthly repayments by going from your lenders SVR to a fixed-rate mortgage
  • Often a quick process

Cons:

  • You might not be getting the best deal, only what your current lender offers you
  • Other providers could offer a better rate or product, saving you money in the long-term
  • You won’t be able to borrow more money if you wanted to carry out home improvements for example.

Why it might not be the best option?

You might not be getting the best deal or product on the market if you transfer product with your current lender. It may be the case that you could lower your repayments further or have more options by remortgaging with a new lender. Our specialist brokers can search to find the best product or deal for you.  Whether through a product transfer or remortgage, they can give you reliable advice for your situation and could save you money. They’ll be able to compare deals from across the market helping you make an informed decision. Get in touch to find out more!

Insurance payment holidays

At Clever Mortgages we understand that these continue to be worrying times, and you’re doing your best to look after yourself, your family and friends.

Mortgage payment holidays have been available some time and you should only consider a payment holiday if you really need it.  We have further guidance on this here.  If you do need to contact your lender, you can find useful links here.

The Financial Conduct Authority (FCA) have issued guidance today (14th May 2020) to insurance providers to help policyholders who are experiencing financial difficulty because of the coronavirus.

It’s great to see that some insurance firms have already offered help to customers, but the measures now cover the wider insurance industry and guidance to offer support such as premium reductions, discounts, waiving fees, and payment deferrals.

The measures come into force 18th May 2020 and insurers may look at amendments to cover to reduce premiums or a payment deferral (holiday) if its in the customers best interests to do so.

The payment deferral will initially be granted for 1 to 3 months and requests can be made up to 18th August 2020, being the 3 month window.  If you need to contact your provider, some useful contacts are here.

As a reminder, if you have protection policies in place be that life, critical illness or income protection insurance, accident, sickness and unemployment cover or buildings and contents insurance.  You can keep yourself and family protected by retaining the valuable cover and requesting a payment deferral.

Life, critical illness and income protection insurance is underwritten and confirmed when you start paying for the policy.  This means the insurer will guarantee the cover you have and will not make any amendments due to a change in your health or any new diseases in the population.  This will not be impacted by taking a payment deferral, but would if you cancelled your cover and then re applied at  a later date.

You can read more about the importance of protection cover here.

If you need to talk through your mortgage or protection options, you can contact us

From everyone at Clever Mortgages team, we’d like to wish everyone and their families all the best and pass on our encouragement to keep strong throughout these unparalleled times.

The Government has started the first steps to ease the coronavirus lockdown within England

The Government has started the first steps to ease the coronavirus lockdown within England, and has issued new guidance on moving home and working in homes.

During the effective ‘lock down’ for the UK, which has been almost two months, a temporary halt was put to many industries, one of those being the housing market, including the ability to move home, unless it was unavoidable.

Following the latest Government announcement, physical property viewings and mortgage valuations are now possible, once online resources have been considered.  Any viewing or valuation must be carried out following the strict social distance guidelines.

All this means Estate Agencies can look to reopen and start viewings and property listings.  Solicitors can start to complete property purchase chains and lenders can consider their lending criteria and progress the current applications they have to valuation or offer.  Its estimated there are 450,000 buyers and renters with plans on hold and it will take all parties time to work through the back log.

The Government have also opened up the construction industry, again, following strict guidance.  The announcement confirmed that builders could apply to work up to 9pm in residential areas, Monday to Saturday and longer in non-residential areas.  Restarting new builds will fuel the market for new and onward purchases, including the help to buy scheme.

Learn more about the help to buy scheme in our video below

Our team at Clever Mortgages have been working from the home since the lockdown started and we now have a small number of staff located in the office, following social distancing guidelines.

We have always made telephone mortgage advice a success, if you have any queries please feel free to contact us, we would love to help with your house move or remortgage.  You can read more about us on our website or on Trustpilot.

Payment Holidays Lender Information

Mortgage Lender pages for payment holidays

Its recommended that you only apply for a payment holiday if you really need it, if you want to discuss mortgage options please contact the Clever Mortgages team.

Accord Mortgages
Payment Holiday link for Customers

Aldermore
Payment Holiday link for Customers

Bank of Ireland
Payment Holiday link for Customers

Barclays
Payment Holiday link for Customers

BM Solutions
Payment Holiday link for Customers

Coventry
Payment Holiday link for Customers

Fleet Mortgages
Payment Holiday link for Customers

Halifax
Payment Holiday link for Customers

HSBC
Payment Holiday link for Customers

Kensington
0800 111020

Kent Reliance for Intermediaries
Payment Holiday link for Customers

Leeds Building Society
Payment Holiday link for Customers

Metro Bank
Email mortgageservicing@metrobank.plc.uk with your mortgage account number and monthly payment date. If you need to speak to their team urgently, you can call 0345 319 1200.

Nationwide
Payment Holiday link for Customers

NatWest
Payment Holiday link for Customers

Platform
Payment Holiday link for Customers

Precise Mortgages
Payment Holiday link for Customers

Santander
Payment Holiday link for Customers

Scottish Widows
Payment Holiday link for Customers

Skipton
To request a mortgage payment holiday of up to 3 months, please email PaymentHolidayRequests@skipton.co.uk including your mortgage account number and the best number to contact you on.

TMW
Payment Holiday link for Customers

Together
Payment Holiday link for Customers

TSB
Payment Holiday link for Customers

Vida Homeloans
Payment Holiday link for Customers

Virgin Money
Payment Holiday link for Customers