Specialist broker firm, jem mortgages, explains what coronavirus means for your mortgage. Q: What can I do if I’m worried about paying my mortgage during coronavirus? A lot of homeowners are worried about the effects of COVID-19 - you’re not alone with your fears, but there are plans in place to help. You can apply for a government-directed mortgage holiday for up to three months. Call the jem mortgages team for more information. They can discuss what your options are and talk you through taking a temporary break from your mortgage payments. Q: What is a COVID-19 mortgage holiday? It’s a suspension on your mortgage that allows you to make interest-only payments or delay paying any amount for up to three months. Your future mortgage payments will be recalculated to make up the amount once the three months is up. If your business is closed or you’ve been furloughed during COVID-19, applying for a payment break on your mortgage could help ease the stress and lower your monthly expenditure. We’d recommend speaking with your lender beforehand to make sure you understand the terms and will be able to afford your newly recalculated mortgage payments once the break is over. This way you can check it’s the right decision for you. Q: Why is it worth seeking advice on my mortgage? Bank of England base rates are currently very low, and this could allow you to save on your mortgage. Speaking to a specialist mortgage broker can allow you access to different mortgage products that involve less risk and allow you to pay lower interest rates. At jem mortgages, we have the knowledge and expertise to help you devise a mortgage strategy that enables you to buy your dream home or make the changes to your existing property that you need. We can also help you save money on your existing mortgage. If you’re still on your lender’s standard variable rate, it may be worth considering re-mortgaging or switching products to lower your monthly payments. Q: What would you recommend for anyone buying or selling their home at this time? One of the challenges for anyone currently buying or selling their home is that they can’t allow anyone to view the property. Instead, we’re seeing more people exploring re-mortgaging their home for extensions and home improvements – choosing to make renovations to their existing property to make it more suitable for their needs. If this isn’t for you there are ways around buying or selling a home even if you can’t visit it in person. Consider offering a virtual tour of the home for potential buyers and hosting a video call for people to ask any questions. This may help them decide. Q: Can I still get my mortgage valued during lockdown? Many lenders are unable to perform physical evaluations of properties at this time, however, you can still get a valuation on your mortgage using online services. Many lenders are now offering some kind of automated valuation to help. We’re able to obtain lending up to 90pc of the value of the property. You’ll then need to make up the 10pc deposit. To understand more about how this can work for you, speak to a jem mortgages advisor for free. Q: How can I get in touch? Don’t feel like you need to deal with this alone, we’re all feeling the effects of coronavirus. Life will return to normal eventually – but in the meantime, we can help you put plans in place to protect your home and make managing your finances easier. jem mortgages is a mortgage broker founded by three industry professionals with over 50 years of experience between them. It’s a firm dedicated to delivering a high standard of service and expertise for every enquiry they receive to help you find the best deal on your mortgageTo get in touch visit jemmortgages.co.uk. Call the team on 03301 355 375 or email email@example.com.