The world of mortgages has suffered from its fair share of upheaval as a result of the pandemic. Dale Jannels of Impact Specialist Finance thinks it’s time the government put borrowers’ and homeowners' needs on its agenda
To say the government is currently under a substantial amount of pressure is something of any understatement.
Keeping political points of view or persuasion on the sidelines, the handling of the Coronavirus pandemic and Brexit remain huge issues which are dominating time, resources and attention.
I fully appreciate the importance of tackling these concerns and the major toll they are having on the health – physically, mentally and financially – of the UK population. However, there are also a number of other areas which the government can ill-afford to ignore across the housing and mortgage market.
The problems facing mortgage prisoners are mounting. These are borrowers who are trapped on expensive mortgages and can no longer switch to a cheaper rate – many are in this situation because they took out loans in the lead up to the financial crisis in 2008.
A recent report from the London School of Economics (LSE) has put the onus and ethical responsibility on the government to solve the mortgage prisoner crisis quickly and recommended a package of measures to do so.
Another situation which is cause for great concern revolves around cladding following the Grenfell Tower inquiry. Finding appropriate solutions for such disputes should also be high on the government’s agenda.
Through no fault of their own, all too many people continue to find themselves in a position where it is nigh on impossible to sell certain property types or even remortgage them – which is an unacceptable outcome.
There are also question marks in the air around whether the government will extend the stamp duty deadline in light of some lending, survey and conveyancing backlogs which are having knock-on effects on a growing number on housing chains. This is a trend which will only intensify in the coming weeks.
These are just some of the issues facing first-time buyers, existing homeowners and potential home movers.
In the current economic climate, there are many extra layers of complexity for all those involved in the mortgage journey.
And this really does outline the importance of impartial, independent financial advice when it comes to overcoming a growing number of challenges and ensuring that people have access to the right kinds of financial options to match their current, and future requirements.
So, if you would like to speak to a specialist impartial, independent adviser about your property related needs in an uncertain marketplace, speak to us today on 01403 272625 or visit our website.
Dale Jannels is managing director of Impact Specialist Finance
