- 29th March 2020
- Posted by: Mark
- Category: advice
As the government ramps up measures to deal with the coronavirus pandemic it is advising all but those with no option put their home moves on hold.
As life changes for everyone the housing market is no exception.
Due to strict movement limitations it is simply not possible for properties to be valued in person. Although some building societies and banks are slowly moving to digital valuations, there priority is dealing with thousands of mortgage payment holiday applications.
How Long Will This Last
There is no definitive answer to this question. Indications in the news show the effective lock down could last until June. Even when restrictions are lifted people will likely be expected to respect social distancing measures already imposed. However, providing people stick to the guidelines, this could be the start of things slowly returning to normal.
The housing market would very slowly start gaining traction again but there is always the risk that stricter measures would be applied again if people do not follow social distancing guidelines.
Your mortgage broker will advise you as the situation changes but it’s expected for the next 2-3 months the housing market, along with mortgage applications and processing will effectively be placed on hold until such time as the government indicates measures can be lifted.
My Mortgage Application Is Processing, What Should I Do ?
If you have had a mortgage application approved some lenders are extending the period your mortgage can be processed by 3 months. More lenders will likely follow suit.
While lenders may use digital valuations there are other factors such as workload, staff of sick, which will affect the whole process of the application.
If you have a broker they will likely keep you informed as they get informed from the lender as to what is going on. Please allow some time, lenders are very busy handling various applications and enquiries from borrowers and brokers alike.
It will take some time for things to return to normal, we can all hope that in several months time we start to really see things starting to return to normal. In the meantime please stay safe and follow government advice, by doing so you are protecting yourself and others.