Home moving is a significant yet challenging process for many people. But with the COVID-19 pandemic, the process has become more complicated for those looking to move. The lockdown imposed by the government has caused a lot of delays and cancellations of home moves. However, mortgage lenders are now offering extensions to help those who have been affected by the lockdown.
The Impact of Lockdown on Home Movers
The lockdown has affected the housing market in several ways. Property sales and purchases have been paused or delayed, while viewings and surveys have been postponed. The process of moving home has become more complex, with the need to follow social distancing rules and maintain hygiene standards. For many home movers, this has led to a lot of uncertainty and stress.
Mortgage Lenders to the Rescue
Mortgage lenders have realized the impact of the lockdown on home movers and are coming up with solutions to help them. One such solution is an extension of the mortgage offer period. This is to allow those who are affected by the lockdown to complete their home move once the restrictions are lifted.
The extension will allow home movers to keep their existing mortgage offer for an additional three months. This will give them more time to complete their move without worrying about the expiry of their mortgage offer. The extension will be available to those who have already exchanged contracts and have a completion date between March 19th and June 30th, 2020.
Why the Extension is Necessary
The extension is necessary because the lockdown has caused a lot of uncertainty and delays in the home moving process. Many home movers have experienced delays in the completion of their move due to the restrictions. This has resulted in a lot of stress and financial hardship for some people.
The extension will give home movers more time to complete their move without worrying about the expiry of their mortgage offer. This will be a relief for many people who have been affected by the lockdown. It will also give them time to plan and prepare for their move without worrying about the financial implications of the expiry of their mortgage offer.
How to Get the Extension
If you are a home mover who has been affected by the lockdown and would like to take advantage of the mortgage offer extension, you will need to contact your mortgage lender. They will be able to provide you with more information about the extension and how to apply for it.
You will need to provide evidence of the impact of the lockdown on your home move. This could be in the form of a letter from your solicitor or estate agent, confirming that your move has been delayed or cancelled due to the lockdown. You may also need to provide evidence of your financial situation, such as payslips or bank statements.
Conclusion
The extension of the mortgage offer period is a welcome relief for many home movers who have been affected by the lockdown. It will give them more time to complete their move without worrying about the expiry of their mortgage offer. Mortgage lenders have demonstrated their commitment to helping their customers during this difficult time, and this extension is just one example of their efforts to support their customers.
If you are a home mover who has been affected by the lockdown, it is worth contacting your mortgage lender to see if you are eligible for the extension. This could help reduce the stress and uncertainty of the home moving process and give you more time to prepare for your move.