Home movers given up to three months to extend mortgages due to coronavirus
HOME movers will be given the option to extend their mortgage offer for up to three months during the coronavirus crisis, lenders have said.
It means Brits will be able to move home at a later date as the Government continues to urge people to only go outside if absolutely necessary.
⚠️ Read our coronavirus live blog for the latest news & updates
The option will be available to all customers affected by coronavirus who’ve already exchanged contracts.
The extension could mean delaying the start date of a mortgage deal, or extending a mortgage deal at the end of its term - but this will vary by lender.
Lenders will also look to support property owners if their financial circumstances change greatly during the three-month period.
Stephen Jones, chief executive of UK Finance, said: "Lenders recognise that many people looking to move into their new home are facing significant stress and uncertainty due to the impacts of coronavirus.
What to do if you're thinking of moving home
THE Government has offered the following advice to Brits currently thinking about moving home.
If your property is not yet on the market
You shouldn't have anyone visiting your home until the Government changes its coronavirus advice.
In the meantime, ministers advice contacting your estate agent to see what can be done remotely, although they're not likely to be able to market your home as normal.
The Government is suggesting using lockdown time to start gathering information you will need to provide to potential purchasers.
If your property is already on the market
The government says you shouldn't be carrying out viewings, but you should still keep your home on the market.
Accepting offers
You are free to continue to accept offers on your property, however the selling may take longer.
Contact your estate agent or lender for more information on how to handle the process.
"Current social distancing measures mean many house moves will need to be delayed.
"It is clearly not appropriate for people shielding or self-isolating to move home.”
UK Finance told The Sun the agreement is across all UK Finance and Building Societies Association (BSA) members which covers 97 per cent of the active market.
The financial institution advises customers to get in contact with their lender over the phone or by email to discuss their options.
Robin Fieth, chief executive of the BSA, said: "A three-month extension of existing mortgage offers seems a fair and reasonable step to take.
"It is possible that some borrowers financial circumstances may change during the three months.
“If this happens, or the terms of the purchase change we will work closely with the borrower to achieve a sensible outcome."
CORONAVIRUS CRISIS - STAY IN THE KNOW
Don't miss the latest news and figures - and essential advice for you and your family.
To receive The Sun's Coronavirus newsletter in your inbox every tea time, .
To follow us on Facebook, simply .
Get Britain's best-selling newspaper delivered to your smartphone or tablet each day - .
Gareth Shaw, head of money at Which?, said: “It is positive to see lenders taking a proactive approach, and this latest initiative will provide some relief for home movers who have had to halt purchases.
“Mortgage providers must move swiftly to provide those affected with clear guidance on how the initiative will work in practice.”
It comes after the government urged house buyers to put their imminent property moves on hold during the UK lockdown.
Housing Secretary Robert Jenrick said those due to move house should rearrange to a new date.
He said even those scheduled to move today, March 27, should rethink plans to bring in the removal vans.
MORE ON MONEY
Mr Jenrick tweeted: "I know that many people across the country are due to move house tomorrow.
"Whilst emergency measures are in place, all parties should do all they can to agree a new move date.
"If you're socially isolating or being shielded, it's especially important to try and delay."