By now I imagine that we’ve all seen the economic devastation that COVID-19 continues to leave in its wake – and even the comparisons being made between its impact and that of The Great Depression of 1929.

This is clearly not good news for anyone. In the context of mortgages, experts are already suggesting that house prices may fall 13% (or an average of £38,000) by the end of the year.

This could, unfortunately, place a number of people into the dreaded realm of negative equity, whereby the property asset they own is worth less than what they borrowed.

Those with high loan to value mortgages are most at risk. However, it’s important to remember that negative equity doesn’t equate to repossession. As long as you can afford mortgage repayments in the interim then there isn’t really an issue. And for those who can afford to continue paying their mortgage repayments and plan to sit tight in their current property for the foreseeable future – or at least until property prices rise again – then it’s even less of a concern.

However, just because you’re not in a precarious situation doesn’t mean that there’s nothing further you can do. In fact, if you have the opportunity to remortgage during COVID-19 then you could use this period to get a better mortgage deal before (and if) your loan to value ratio increases due to a drop in property prices.

As a Guildford mortgage broker that proactively reaches out to its clients to let them know when they’re due to default to the standard variable rate (SVR) – and there are many of them that we’re contacting right now – our existing clients are currently securing the best mortgage deals in the UK.

However, if you’re not an existing Complete Mortgages client, have an inkling that you’re mortgage deal is coming to an end but are reluctant to change your mortgage during COVID-19 the pandemic, then don’t worry. Not only can we access the most competitive mortgage deals available right now, but we’re also offering a ‘mortgage application over video’ service – so there’s no need to physically come to our offices.

Despite lockdown, we can help you stay clear of the SVR and get you locked into a preferable mortgage rate for life post-COVID-19 – whenever that may be.

However, if you are in a situation whereby you have to sell your property and there’s no way you can hold on until the crisis passes, then contact us on 01483 238280 and I will be able to help you navigate the options open to you.

It’s a really challenging time for everyone right now. However, if one of your challenges relates to getting a mortgage (or changing your current mortgage), then I can help. Find out more by calling me on 01483 238280 or emailing

By Calli Sanfilippo at Complete Mortgages