The BBC Reports on 23 April 2020 – Lenders Kick Start Mortgage Deals
The BBC report Lenders Kick Start Mortgage Deals. Some big lenders have begun reopening their doors to British borrowers, making it easier to get a home loan. At the start of the coronavirus lockdown, several scrapped deals or only offered loans to those with large deposits. But this week Nationwide, Halifax, Virgin and Santander all made it easier for people to qualify for a loan. Read more
“At the start of the lockdown, lenders were forced to reassess their deals in the light of the new restrictions. For instance, Nationwide, the UK’s biggest building society, stopped offering deals above 75% loan-to-value to new customers at the end of March to focus on supporting existing mortgage members, while continuing to process ongoing applications.
Lenders had to work out how they were going to continue trading while their mortgage processing centres were being scaled back and staff were working from home, explained Aaron Strutt, product director at Trinity Financial.
As the general public is getting used to life under extended lockdown, so too are lenders,” said Chris Sykes, mortgage consultant at broker Private Finance.
Lenders returning this last week is great news for the market and for borrowers who will have increased choice going forward, he added. It also means the post-lockdown recovery should be swifter when some semblance of normality returns.”
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