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COVID-19 specific mortgage FAQs

I have been furloughed, can I still get a new mortgage?

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.  

Will my mortgage payment holiday affect whether I get offered a mortgage?

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. 

Can I take a payment holiday on a new mortgage?

No, this is generally not allowed. 

I had a valuation before the pandemic, will it still stand?

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. 

What are the current turnaround times on mortgages and remortgages?

For remortgages generally 3-4 weeks from start to finish. For new purchase mortgages, approximately six weeks.

to discuss your post-pandemic mortgage needs please get in touch

Copyright © 2021 Mortgage Evolution, all rights reserved. Mortgage Evolution Ltd is registered in England and Wales (Companies House registration number 12358806). Mortgage Evolution Ltd (FCA 920652) is an appointed representative of Paxton UK Ltd, which is authorised and regulated by the Financial Conduct Authority (FCA 300341).  


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. 

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