Is the mortgage market closed? Can I remortgage? What are my options? Find out more about the current situation

As part of our service to you, we want to provide you with information about how the current crisis is affecting the mortgage market and what your options are at this time.
Here you can find answers to some important questions and find out how your mortgage might be a valuable financial planning tool.
Is the mortgage market closed?
Contrary to some media reports, the market is not “closed” but operating almost as usual. Some banks have curtailed their lending, other lenders are undertaking what are known as desktop valuations, and of course, applications may take a little longer. We have access to the whole of the market, so you can proceed to seek financing as normal at up to 95% loan-to-value on residential purchases and remortgages, and up to 80% on buy-to-let purchases and remortgages.
Can I remortgage at this time?
Yes, and given the recent interest rate cut and new low mortgage rates, you might be able to make considerable savings, especially if you are paying the standard variable rate (SVR). Many offers are available for up to six months, so it is advisable to review your mortgage now, even if your current fixed rate doesn’t end for a while. In these extraordinary circumstances, it may even be beneficial in the long term to incur redemption penalties on your current loan in order to obtain savings over the mortgage term.
What other options do I have currently?
Aside from simply switching to a lower rate, there are a number of other options that may help you at this time. These include switching to an offset mortgage to reduce interest payments, bridging and Lombard loans, interest-only mortgages and capital raising for increased flexibility or to finance a purchase.
How is my current mortgage affected and am I eligible for the mortgage holiday?
You can find the answers you are looking for about mortgage holidays, existing applications and other resources in a recent article: Coronavirus and your mortgage
How are protection insurance policies (life, critical illness and income) being affected?
You may have seen fake news stories online about insurers not paying out on policies. If you want some clarity, you can find answers to some common questions direct from our protection team here: Coronavirus and your protection insurance
Can I contact Private Finance If I need advice and I am not a client?
Of course, if you need any help or would simply like to discuss your circumstances and options with an expert consultant you can give us a call on 0800 980 8777, email us at or submit an enquiry on our website.  
The small print
Please be aware that the information provided within this article is a guide only and should not be relied on as a recommendation or advice that any particular mortgage is suitable for you. All mortgages are subject to the applicant(s) meeting the eligibility criteria of lenders.
Your home may be repossessed if you do not keep up repayments on your mortgage.

Is the mortgage market closed? Can I remortgage? What are my options? Find out more about the current situation


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© Private Finance Limited, 2021. Private Finance provides independent mortgage advice and arranges individual mortgage solutions for clients. Private Finance is a trading style of Private Finance Ltd, 29 Lincolns Inn Fields, London, WC2A 3EG, registered in England no. 3855776 and its Appointed Representatives. Private Finance Limited is authorised and regulated by the Financial Conduct Authority (FCA registration number 310566).

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