In the last week a number of main-stream lenders have launched more products to the market which offer more generous terms, making it easier to get a home loan.
This is excellent news for the whole economy and should give the industry a huge boost. At the start of the month all lenders had pulled a large percentage of their products only offering mortgages to people with large deposits.
One example of a change made recently to the market is Halifax have resumed loans at 85% Loan to value where is was previously 80%.
In fairness to all the lenders it is quite impressive they have loosened things so quickly given how busy they were at the start of lockdown supporting all their customers with payment holidays.
During lockdown lenders have still been issuing mortgage offers even though their valuers have not been able to attend the respective property. To overcome this they have had to rely on their systems and information available on the internet by carrying out what they call a ‘desktop valuation’. Granted it took a few days for lenders to put these processes in place furthermore the underwriting has been a lot stricter and generally only been available with applicants with a significant deposit.
A huge amount of people will have held off from applying for a mortgage, whether a re-mortgage or purchase mortgage is required. If you are one of these people, now might be the perfect time to at least speak to someone, so why not give us a call on 03333 232 199? One of our in house mortgage brokers will offer you free mortgage advice and source you the best product to suit your circumstances.
Although certain economists predict we are facing recession fixed rate mortgages continue to be at an all-time low, with the base rate been nearly 0%. However, many experts predict its only a matter of time before interest rates start to rise, mainly because of the crisis the economy may face due to covid-19.