Like many other sectors, the mortgage industry has experienced some upheaval as a result of Covid-19. Here’s an update from our Residential Mortgages team explaining the current situation in more detail.
Over the first few weeks of the lockdown, mortgage lenders were putting all their resources into the volume of enquiries they were receiving from existing customers asking for mortgage payment holidays.
The majority or mortgage lenders are now accepting new applications once again, however they have restricted what they are taking on in terms of new business. The maximum Loan to Value (LTV) currently available is 75%, however most lenders are only allowing 60%.
Although no physical valuations are currently taking place during to social distancing restrictions, lenders have started to carry out desktop valuations, so this option is available to you if you need to get a valuation on your property.
We will provide a further update once we know more, but if you are in a position where you need to review your existing mortgage deal, or apply for a new one the best thing to do is contact us so we can assess your individual requirements and see where things stand in the market at that point in time.
We are available on 01142 664 432 or info@smhca.co.uk if you need to contact us.
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