How Accelerate My Mortgage can support you during COVID-19

Last updated: 17/03/2021

The coronavirus outbreak continues to have a huge impact on homeowners, so we’re here to support you in any way possible.

The mortgage market is changing regularly, so finding ways to reduce your mortgage payments and keeping track of the latest developments is more important than ever.

Switch and save

Switching to a better mortgage rate continues to be the number one way to save significant amounts of money over the lifetime of your mortgage.

If you’re coming (or have already come) to the end of a fixed or tracker deal, our team of expert Mortgage Advisers are on standby to run through all of your switching options.

Switch early, save early

We may be able to switch you to a better mortgage rate up to four months before your current deal is up for renewal.

Avoiding Standard Variable Rate (SVR)

A lender’s Standard Variable Rate (SVR) is the uncompetitive ‘go to’ rate your mortgage automatically reverts to when you reach the end of your current deal. If you stay on SVR for a long period, you could end up paying thousands of pounds more than you need to.

If your circumstances have changed

One of the mortgage market’s best-kept secrets is that most lenders allow their existing customers to switch to a better rate even if their personal (or financial) circumstances have changed.

For example, you might have experienced a reduction in household income or been furloughed by your employer since the onset of the pandemic. Even if this is the case, it doesn't necessarily mean you can't switch to a better rate.

If you want to discuss switching to a better rate to lower your monthly payments, please feel free to arrange a callback with one of our expert Mortgage Advisers.

How mortgage lenders have reacted to COVID-19

To date, lenders have granted around 2.5 million mortgage payment holidays to financially support their existing borrowers.

We've also seen lenders chop, change, and complete remove certain mortgage deals in recent months.

And many of them are still struggling with office closures and staff shortages, resulting in existing customers experiencing lengthy call waiting times.

The situation is changing daily, but we're on top of it and we'll continue to update this page on a regular basis.

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