Lynch Financial Services

27/09/2021

Anyone who has ever applied for a mortgage – particularly for the first time – has no doubt worried they might be rejected 😟

This article could help steer you in the right direction before you apply 📰

  Mortgage lenders have toughened their rules in recent years, meaning the application process has become more rigorous. Here’s the heads-up on some

13/10/2020

🏡 Thinking of buying your first home or moving to another property?

Before you arrange your mortgage, make sure you know what you can afford to borrow. Find out where to get a mortgage, the different types and how the process works.

Contact Michael for more information:
☎️ 07710145644

15/07/2020

📰News just in.

One particular building society will be opening 90% loan to value mortgages starting from next Monday. Give me a shout and I can advise on rates when they are available

08/06/2020

Getting more and more enquiries in recent days from customers hoping to purchase with a 5% or 10% deposit

The problem is that very few (if any) lenders are accepting applications here at the moment unless you have a deposit of 15% - 20% and those that consider lower deposits have daily limits which make it almost a lottery when trying to apply

Hopefully things start to open up again as lockdown eases and we can start getting through the backlog building up

Please bear with us until things settle down as there’s little or nothing we can do in certain circumstances, until lenders make more products available again

We’re monitoring this on a day by day basis and will as always keep you posted

Stay safe,
Michael

30/03/2020

The government has now effectively put the UK property market on hold in their latest guidance released this morning. Exemptions are available for deals that have already been set for completion and new build properties

Lenders have reacted by extending current offers which should help many but my advice would be to speak with your mortgage broker and solicitor ASAP if your currently caught up in this situation

25/03/2020

Folks, the majority of mortgage lenders are now slowly grinding to a halt for new applications. Most can't carry out physical property valuations, as a majority of their employees are either not at work or working from home and there's increased concern from the legal side in relation to completions.

I will continue to keep all clients updated in relation to their individual applications but the usual service standards from the lenders have all now gone out the window, which is obviously having a knock on affect on our ability to process business in our normal fashion.

I will continue to work as best as I can for all of my clients and you know where I am if you need to chat anything through

Take care
Michael

☎️07710145644

23/03/2020

A 3 month payment break can also be granted for private tenants and landlords as well as residential mortgage holders as financial pressure grows on public due to Covid 19

20/03/2020

⚠️ Important, please read ⚠️

For many the ability to take a mortgage payment break for up to 3 months is welcome news

However, there’s little or no proper warnings out there, as to the downsides of using this facility

Many lenders will simply add the missed payments onto your mortgage balance and you will repay this (plus interest) over the remaining term of your mortgage, which will mean you paying back much more than the value of the actual ‘payment break’. It’s effectively borrowing money from your lender

Majority of lenders will also not allow you to change your mortgage product during this break, which means if your coming off a fixed rate deal during the next 3 months your payments will likely increase during this time and those increased payments (plus interest) will also be added to your balance that all needs paid back

If you need to take the break then it’s a facility that you should use but just be aware of the disadvantages that aren’t being spoken about in the media / press

Again if any clients need to chat things through, you know where I am

Take care, Michael

20/03/2020

Halifax customers looking for a mortgage payment break, due to Coronavirus, can now apply for this online as opposed to trying to get through on phone lines. Link is below & it's a very simple form. Anyone needs any help with it you know where I am, Michael

☎️ 07710145644

https://www.halifax.co.uk/mortgages/existing-customers/payment-holidays/request-a-holiday2/

19/03/2020

Following on from my previous post about the mortgage payment holiday announcement from the UK government, I’ve been trying to get concrete information for everyone that’s been in touch

This announcement is far from crystal clear and lenders are one by one making their own individual announcements, with various levels of detail available and it differs from lender to lender

I’ve tried to put together my best reading of this situation below:

1) It doesn’t apply to everyone automatically
2) It will only apply to those financially affected by the current Coronavirus
3) You will need to contact your lender directly to discuss your circumstances and agree the payment holiday
4) If a holiday is agreed it won’t affect your credit rating
5) If a holiday is agreed it won’t entail charges being added
6) If a holiday is agreed it will likely mean your mortgage will take longer to repay
7) If you’re currently suffering financially due to the Coronavirus you will still need to contact your lender directly to agree this holiday. If you simply cancel your direct debit this will result in missed payments and charges being added to your account

Basically folks I don’t see this announcement as a major intervention like it has been in other countries and I also imagine lender phone lines will be absolutely jammed tomorrow and in the coming days. I tried to get through to one particular lender today to help a client and was on hold for almost 1 hour. I anticipate this could be similar if not worse as this situation deteriorates

My advice if you’re already financially affected or will become financially affected is to get in touch with your lender ASAP via any means available – some lenders have live chat and/or email facilities. If they do try those first as the phone lines will be extremely busy

Please note that the above is my best possible reading of the situation and isn’t 100% reliable for every single lender or individual circumstances. My main message for now would be to contact your lender ASAP if you’re financially affected by this virus

I’ve also gathered together a list of the major mortgage lenders here and their contact numbers for those that may face financial difficulty due to this coronavirus:

Halifax 0808 145 0437
Santander 0800 389 7000
Nationwide 0800 464 3030
Natwest 0800 161 5909
HSBC 0345 766 2255
Danske 0800 633 5783
Bank of Ireland 0800 169 9722
1st Trust 02890 821 682
Progressive 02890 160 949
Ulster Bank 0345 301 6910

If any customer wants to chat things over before phoning their lenders, or simply want to discuss their situation then you know where I am

Once again I hope everyone looks after each other and stay safe, Michael

18/03/2020

Here is a list of the major mortgage lenders and their contact numbers for those that may face financial difficulty due to this coronavirus:

Halifax 0808 145 0437
Santander 0800 389 7000
Nationwide 0800 464 3030
Natwest 0800 161 5909
HSBC 0345 766 2255
Danske 0800 633 5783
Bank of Ireland 0800 169 9722
1st Trust 02890 821 682
Progressive 02890 160 949
Ulster Bank 0345 301 6910

Their lines will be busy so best to try online where some offer live chat or email facilities.

If any existing customer wants to chat things over before phoning their lenders, or simply want to discuss their situation then you know where I am. Take care, Michael