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How The Coronavirus is Affecting Mortgage Applications

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Can You Apply For a Mortgage During The CoronaVirus Outbreak ?

Yes, but you’ll understand the process will take longer than normal. Let’s explain the changes and what to expect.

Lenders are accepting new applications. We can still help you secure a mortgage or remortgage.

Many Lenders Are Offering Lower LTV mortgages

Prior to the coronavirus outbreak mortgages with an LTV of 95% were common place. This has changed. Some lenders are offering an LTV of 80-85%. Some are not offering an LTV lower than 60%.

The mortgage product market is changing dynamically at present as lenders adjust to the new conditions. It’s recommended you contact us (please use the form below), we can return your enquiry and discuss your options. This applies to mortgages and remortgages.

Valuations Can Be a Bottleneck

Under the current position, lenders will not send out someone to carry out a valuation. This clearly is a problem when it comes to securing a mortgage.

With that said lenders are moving to digital valuations where they can. The underlying sentiment is lenders are focusing on existing borrowers. Many are applying for mortgage repayment holidays. Lenders rightly are focusing on providing support for existing customers. More so given the volume of mortgage payment holiday applications.

 

Please Complete The Form Below

To get in touch to discuss your mortgage needs please complete the form at the bottom of the page. An advisor will be in touch to discuss your options.

If I am Furloughed Will It Affect The amount I Will Be Offered ?

Yes, some lenders will only take into account the 80% you are being paid during furlough. Bonuses and commissions will not be taken into account during this period.

It’s recommended to speak to a mortgage broker. Brokers have access to many lenders and each will have their own criteria for borrowing.

Free Advice With No Commitment

We are only too happy to discuss your situation. We realise these are very unusual times and will do our best for you.

As restrictions are lifted we expect mortgages applications to increase as people look to complete purchases. Remortgages applications are also likely to increase at this point as well.

Until government restrictions are lifted please use the forms on our site to submit any queries.

Stay safe and adhere to all government guidance during the outbreak.

 

 

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