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The property ladder can be a tough one to climb, as several factors affect your ability to secure a mortgage – and given the current uncertainty, you may be asking yourself whether you will be eligible to get a mortgage and move home… Let’s cover a few common questions to put you at ease and answer, can I get a mortgage during Coronavirus:
That’s an interesting one and to be honest, as far as our assessment goes it’s not exactly ‘more difficult’. The market and lending criteria have been changing. The thing to bear in mind is that you’ll probably need a bigger deposit – where previously, in most cases, you could easily get a mortgage with a 10% deposit, you may need 15% or more now, to get the same deals. Having said that, you still have the equity loan scheme where you can buy a new build at 5% deposit.
The November lockdown hasn’t impacted the housing market – estate agents are still open, removal firms are operating, you can still view properties, you can still move home – but you must follow strict safety guidelines. Most importantly, as mortgage advisers, we can still provide you with the level of service you’d expect, remotely – so there’s nothing to worry about!
Yes, probably – but hurry up! Especially if you have a property to sell to buy the new one. Find a good estate agent and get it on the market NOW to stand a chance of securing a new mortgage by the 31st of March 2021. The market is quite busy because of the Stamp Duty Holiday and conveyancing times are longer than usual, so act now if you want to make that Stamp Duty saving.
There isn’t a direct answer to this question, it really depends on the lender and your current situation. If you are back on track after your payment holiday and can show a stable income and affordability, you should be okay. The best thing to do is to have a detailed discussion about your situation with an experienced mortgage adviser.
Generally, the same rules still apply. Mortgage lenders will look at your income, financial commitments, and lifestyle to assess whether you will be able to afford your monthly payments.
They will need to see the following:
You can. Most of us have debts - credit cards, student loans, personal loans, car finance, etc. The average UK household debt stands at £15,400 as of 2019. Lenders are more interested to see how well you can manage debt and afford your mortgage.
Having a well-managed, reasonable amount of debt can in fact be advantageous, as it shows you’re responsible and credit worthy. Generally, using less than half of your credit limit and keeping up with payments can boost your credit rating. The key is affordability, regardless of the amount of debt, if you can show that you have enough stable income to afford your repayments, you should be good.
You probably can, however, it may be tougher than usual. It also depends on the type of problems you’ve had and how long ago. Your credit history generally has a significant impact on your mortgage application. There are some lenders specifically offering adverse-credit mortgages. These are tailored towards those who can’t secure a regular deal because of poor credit history but generally require a larger deposit and charge more interest. The best thing to do is to take some time to improve your credit score before applying. Lending criteria are complex and there are no guarantees as such, but your chances will improve as your credit score goes up.
Yes. It is quite common to get a second mortgage. However, it will be tougher than your first application because you will have to prove you can afford both mortgage repayments. If you are buying a second property to rent out, or you want to rent out your current property to buy another one, you can get a buy-to-let (or a let-to-buy mortgage) in which case the prospective income from the rental will cover the cost of the mortgage. If you’re getting a second mortgage to buy a second home, then the affordability criteria will be quite strict. Best to have a detailed discussion with an experienced mortgage broker.
Each mortgage lender has their own specific criteria to decide eligibility. You could be declined by one but easily find another who will accept your application. As mortgage brokers, we will be able to guide you through your options and match you with the best lender – we will also ensure your applications meet their requirements – so get in touch!
Getting the keys to your new home is only part of the story. Making sure you can actually keep them, no matter what life throws at you, matters just as much.
As the Co-Founder and Director of The Fee Free Mortgage Broker and Alexander Southwell Mortgages, my role goes far beyond arranging property finance. I am the protection specialist for the business, which means my absolute passion is making sure families have the right financial safety net in place.
I live and work alongside my partner, Jamie, near North Baddesley and Romsey on the outskirts of Southampton. I started my career as an estate agent at Connells, learning the home buying journey from the ground up and supporting clients through one of the most exciting and nerve wracking processes of their lives.
From there, I moved deeper into financial services, joining Re-Assured as a specialist insurance broker. Working in a dedicated protection environment gave me an expert level understanding of life insurance, critical illness cover, and income protection. It taught me how to have honest, comfortable conversations with families about the things they would rather not think about, but absolutely should.
In 2019, I brought that expertise to our family business. Together, Jamie and I have grown a local, independent brokerage that genuinely looks after clients for the long term.
Taking on the biggest financial commitment of your life without a plan for what happens if your income stops is a risk no family should take.
My belief in this comes from more than professional experience. As a mother, I understand instinctively what it means to want to protect the people you love. That personal understanding shapes every single conversation I have with our clients. It is never a tick box exercise or a product sale. It is a genuine, warm discussion about what your family would need to stay safe in your home.
I look after the full range of personal protection, offering whole of market advice across:
Because Jamie and I run the day to day operations together, there is a personal dimension to how we work. Outside of the office, I love nothing more than spending time with my family, and if there is baking happening in the kitchen with our son, even better. That sense of home and family genuinely informs the care I bring to every client.
Whether you are a first time buyer looking at cover for the first time, or a growing family reassessing your current policies, I am here to help you get it right. There is no broker fee for our advice, just honest guidance to keep your home safe.
