Mortgage Holiday packages and updated Insurance information
Updates to House Insurance and Mortgage Holidays in the South Island and lower North Island
Updates to Mortgage Holidays
Lenders have now come forward with their assistant packages for those caught up in the recent earthquake events in and around the lower North Island and Upper South Island.
These assistance packages include mortgage holidays, which allows exiting clients to put a temporary hold on their mortgage repayments. Also available are temporary overdraft facilities to help individuals and business with cashflow. Although handy there are some things that people looking to complete this should be aware of.
Mortgage Holiday - The interest that would normally be charged is capitalised and added to your mortgage balance. This means at the end of the mortgage holiday period, the money you owe the bank has increased.
Overdraft facilities - These initially will have no to low interest components, however they will need to be paid back, so it pays to keep an eye on your spending if using one of these facilities.
NB: Please note these facilities are only available to those in the affected areas and is not available as a matter of course to those outside the affected areas.
Updates in Insurance
I just wanted to give you a quick update on the Domestic Insurance front, following this week’s events.
The Insurance situation today is best described as ‘Cautiously Optimistic’, as Insurance companies are now allowing existing policies on homes to be transferred to the new purchasers.
Although the embargo for new Insurance policies remains in force, this is an encouraging sign. We are hopeful that the insurance market for greater Christchurch will be unlocked in the near future enabling new policies to be approved and issued.
If you would like to discuss anything about Mortgages or Insurance, contact one of our friendly Mortgage Brokers today. Remember, we work for you and our services are always free.
Scott is wonderful to work with, which made the hole process so much easier and stress free. Highly qualified highly recommended. In there for the customersKarla Botting - 06 December 2023
Scott was fantastic to work with, honest and hard working, went the extra mile on everything, explained the nitty gritty jargon into easy to understand. Got us a great deal on our mortgage, put us with the right people. All in all 6 stars, if your buying then definitely call Scott at AMS!!Hamish Neilson - 06 December 2023
I used Scott at Advanced Mortgage Solutions for my first home purchase and am currently repurchasing a property through him again. Has been absolutely amazing and made the process extremely easy. Would recommend to anyone looking for a mortgage broker in Christchurch!Stacy Kamo - 29 November 2023
Scott and the team at Advanced Mortgage Solutions are great! Very knowledgeable and they make the house buying process very simple and easy to understand. Cannot recommend them enough!Scott Harris - 20 November 2023
Friendly and personalized service. Always happy to answer all my questions and love getting to see Gus when we meet in-person.Lisa French - 20 November 2023