14 May Latest news on COVID-19 and mortgages
Are you concerned about current restrictions from mortgage lenders? Have you heard that they are only offering mortgages to those with large deposits?
HARDISTY FINANCIAL DEBUNK AND DE-MYTHS THE RUMOURS
Steven Hargreaves, our in-house Financial Advisor, de-bunks and de-myths your questions about lenders at this time of lockdown.
Steven says, “When lockdown initially occurred, lenders reduced their lending to circa 60/75%.”
He adds, “This wasn’t due to a lack of appetite to lend. It is more due to the additional administration lenders have with higher loan to value products. For example, lenders need a physical valuation and they need to check last 3 months payslips.”
“With surveyors not being able to visit properties, and a lack of staff able to attend to checking additional requirements, they reduced the loan to values to process applications that did not need physical valuations and additional requirements, which are loans under 75% ordinarily.”
“We have seen this improve in the last few weeks, the majority are able to lend up to 90% and in some cases 95%.”
He has also been advised directly from each lender that Santander and TSB have both increased their loan to value much higher.
BUY NOW WITH A 5% OR 10% DEPOSIT
That means that if you are looking to buy with a 5% or 10% deposit, there are lenders out there that will help. Our mortgage team are whole of market. They can compare around 400+ lenders for you and will advise and guide you every step of the way.
Are you’re thinking of getting on the property ladder? Perhaps your contract for rental property is soon coming to an end and you were thinking of buying? Maybe you’re looking to remortgage or to upsize? If so, Steven and our team of financial advisors can help!