As the nation waits patiently each evening for the daily Covid-19 update, we now find ourselves following the straightforward advice given to us last night to simply 'Stay At Home'. Closing shops and imposing new rules to keep us safe is something not many people have seen in their lifetimes.

For homeowners, this may start to cause some uncertainty for their finances, especially if their employment is affected by these restrictions. At The Mortgage Library, we have recently adapted to this change and remaining open by working from home, around the clock to give you the support and reassurance you need to move forward. Whilst following the government's strict guidelines, we are keen to answer your questions, even if you just want a bit of clarity on what options you may have.

The Bank of England Base rate has been reduced to the lowest ever rate we have seen at 0.1%. Now is the perfect time to take advantage of reviewing your next deal as there is a high chance you can benefit from this, reducing your mortgage payment to ease with the next few months. Most products have the option to make 10% overpayments, so you can always start to overpay when things feel more secure again in order to reduce the balance quicker.

You may benefit from a cash injection to give you a boost to cover those bills for the next few months. While interest rates are low it makes sense to see if you can access some of the cash you hold in your home already. We can help you find out if you have enough equity to be eligible for this. Remember you could still result in a lower monthly repayment on a new deal, even if you borrow more!

Unsure on whether you want to sell and move when this all blows over? With plenty of tracker products on the market currently, you can still secure a deal with no Early Repayment Charges (ERC). Yes, this really does mean you can leave the deal, at any time with no high penalties! So, even if you do want to keep your options open for a while, you can still temporarily release some of the cash under your roof or even just lower the monthly repayments for a bit.

Many lenders are also offering their existing customers the option to take a payment holiday. We can also guide you on whether this could be the right step for you. Banks are also being bombarded with calls currently, so by getting in touch with us we can give honest advice and help seriously reduced your hold time.

Whatever your situation, if you have a mortgage right now – we can help you and we want to hear from you!

Stay safe, with love from The Mortgage Library team.