Mortgage Market Update

Question  Are the banks still lending at the moment

Answer     Yes they are

Lenders for the time being have stopped sending their surveyor’s out to do physical surveys but most are now conducting desk top surveys to achieve the valuation figure for properties. Certain lenders have also dropped their loan to value thresholds by between 5 and 10%. For example previous mortgage lending 95% now down to 85% its less risk for the lenders.  I have spoken to a few lenders and they are all searching for new solutions so mortgage business can continue during the coronavirus outbreak.

Buying and selling at the moment is difficult because of the government lock down. All property exchanges are on hold for the moment. The removal companies are not working. So you cannot transport your belongings from your old home to your new home, Unless you have your own van or access to one. Solicitors are still working some from home so re-mortgages are still continuing legal documents are being transferred between clients and lenders. All the lenders are extending the mortgage offers if needed so there should not be any issues there.

If you require lender specific advice regarding a particular mortgage situation then contact me Paul on 01902 213201

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