Herald - Issue 389

Page 34 • The HERALD • 4th June 2020 v SAY YOU SAW IT IN THE HERALD v Helen Sparks Mortgages & Financial Services Offering professional advice since 1985 Mortgages Residential Life Time Equity Release Buy to Let – first time landlords Property Portfolios Help to Buy Insurance Buildings & Contents Insurance Life Assurance Critical Illness Income Protection Private Medical Insurance YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS This firm usually charges a fee for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity. Some forms of buy to let mortgage are not regulated by the Financial Conduct Authority 023 8084 4108 helensparks@btconnect.com Helen Goodall T/A Helen Sparks Mortgages & Financial Services is an appointed representative of PRIMIS Mortgage Network, a trading name of First Complete Ltd which is authorised and regulated by the Financial Conduct Authority Building Plans & Estimating Building Plans for Planning & Building Regulation approval Builders Estimating Service Free initial meeting and estimate CAD drawings produced on latest software Please call Bob on 07795 692060 Email abbott.bob@sky.com ASK A PROFESSIONAL Following the announcement from government last week, Bounce Back loans are now open for applications. e scheme Bounce Back Loans Now Open With Covid-19 impacting so many individuals and families right across the country, nancial pressures have been at an all-time high. As a result, banks have seen an increase in mortgage repayment holiday applications; however, many people are still unsure what they are and how they work, and importantly if they would bene t from taking one. What is a Mortgage Repayment Holiday? A mortgage repayment holiday is simply a nancial ‘break’ from your monthly repayment. is is available for customers who are unable to make their usual monthly mortgage payments. How will it impact my finances? Payment holidays may not be right for everyone. It’s important to remember your payment will not be waived but simply deferred. If you choose to take a payment holiday you will need to be aware that the amount you owe will increase as you’ll still be charged interest and the missed payments will be made up over the remainder of the mortgage term. helps small and medium- sized businesses to borrow between £2,000 and £50,000. The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the rst 12 months. Loan terms will be up to 6 years. No repayments will be due during the rst 12 months. e government will work with lenders to agree a low rate of interest for the remaining period of the loan. For further details of how your business can apply for this, please visit www.gov.uk/guidance/ apply-for-a-coronavirus- bounce-back-loan MORTGAGE REPAYMENT HOLIDAYS Will my credit rating be affected? Taking a payment holiday will not impact your credit rating. How much notice to do I need to give my Bank? Each bank has its own timescale, it is typically between 5 – 10 working days from the time of your request. If you’re concerned about making your monthly mortgage repayments, get in touch with your bank as soon as possible. How do I apply? Most banks have online forms to help make it easier for customers if they know this is the best option for them, look at your mortgage provider’s website for all of the contact options. How long can I take a repayment holiday for? Covid-19 repayment holidays are for a maximum of three months. It’s important to remember your term will not be extended beyond this but if you’re still concerned about your monthly payments, then speak to your bank for help. ey can assist and nd the best option that is suitable for you. Do I have to take three months? No, you can take up to three months - if you think you don’t need the full three months, your bank can work with you on the right timescale for you. If I’m able to, can I make an overpayment? Yes, absolutely. Whilst a payment holiday does not require you to make any payments during this period, if you are able to make some payment towards your mortgage, then it will reduce the amount you pay overall. No matter how small the contribution, this will help you in the long run. is will not impact your payment holiday request. Should I take a repayment holiday if I am financially secure? It’s not advisable to take one if you don’t need it. ey are designed for those in need of nancial assistance and who know they will be unable to meet their monthly payments. As I mentioned, you will have to increase these payments later– so if you are nancially secure and can avoid taking a repayment holiday, then it’s likely to be best for you to keep your monthly payments the same. Nick Smith, TSB’s Head of Mortgages said: “ We’re living in very difficult times right now and if you need some advice on your finances, your bank is there to help. Sometimes it can be easier to shy away from addressing any financial difficulties but it’s important to remember that they are best placed to help you find the right solutions for you.” is entirely new grant is available speci cally to businesses which are not eligible for either the Small Business or Retail, Leisure and Hospitality Grants administered by New Forest District Council. e In order to be eligible, projects must safeguard jobs and demonstrate how they will bene t the New Forest’s rural economy. e grants must be matched with private funds (50 percent of total costs) and the funding will be provided in advance with full evidence of expenditure to be provided within three months. For further details and to begin the application process, businesses should visit: www.newforest.gov. uk/ruralfund fund recognises that a significant proportion of local businesses have fallen outside the scope of the funding announced to date but still require nancial assistance to strengthen resilience. Grants of up to £2,500 will be provided to rural businesses which are looking to develop alternative ways of working during the Coronavirus pandemic. New Forest Rural Resilience Fund