Most lenders now need applicants to have a set return-to-work date and confirmation of the exact terms they will return to work on, including salary and hours.
No, it shouldn’t as per government guidelines. However, this is still a little unknown with some reports. At Mortgage Evolution we have not seen issues with this unless clients are applying for extra borrowing whilst they are on their payment holiday. This is because the reason for taking a payment holiday is fear of financial trouble, and it would therefore not be responsible for a lender to lend further funds (purchase or remortgage) whilst their client is still on a payment holiday.
No, this is generally not allowed.
Valuations usually only last six months (outside of this, lenders are not covered by their insurance), and usually a lender would insist on a reinspection should this expire. We have, however, seen some flexibility where properties valued over six months ago have a mortgage offer in place. On occasion, these have been extended for a further three months.
For remortgages generally 3-4 weeks from start to finish. For new purchase mortgages, approximately six weeks.
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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.