How Accelerate My Mortgage can support you during COVID-19

Last updated: 12/05/2020

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 daily, 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.

Back in March, the Bank of England took cut the base rate to an all-time low of 0.10%. 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 in recent months. 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 1.2 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.

Mortgage Rewards paid directly to you

Accelerate My Mortgage was launched in February to help homeowners pay their mortgage off faster.

Users of the service earn cashback by shopping through some of the UK’s leading retailers, and we then use this money to overpay your mortgage (as soon as you’ve built up a balance of £50).

And for every friend (family member or colleague) you refer to our service, we overpay your mortgage by £25 when we switch them to a better rate.

The concept has been well-received by homeowners all across the country, but the world has changed very quickly and we understand that mortgage overpayments probably aren’t a huge priority for most people at the moment.

This is why we're now offering our users the option of receiving their cashback directly (paid into a nominated bank account), because we feel this might be more financially beneficial in the short-term.

Win a month off your mortgage

By referring friends (family members and colleagues) to our service, you'll also have the chance to be entered into our prize draw to win a month off your mortgage.

We recently extended the closing date to the 31st August, to give people plenty of time to enter. And remember, the more people you refer, the greater your chances of winning.

Ongoing support

We’re here to support you in every way possible during this challenging time.

In the short-term, we’ll stick with you every step of the way.

In the longer-term, when better times return (which they will), we’ll be here to help you reach mortgage freedom as quickly as possible.

Accelerate My Mortgage

Helping homeowners during difficult times

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