News

Mortgages during lockdown – we’re open for business

There’s a lot going on in the mortgage and finance markets just now. Here’s Changing Home’s latest thoughts.

 Current changes could be to your advantage…

 The banks and building societies still want to lend. That’s what they do! So here’s the good news:

-        The Bank of England Base Rate is currently 0.1% - its lowest ever.

-        Many lenders have extended current mortgage offers by three months, helping property sales during the uncertainty and giving real flexibility to timelines.

-        Lenders are reducing standard variable rates and reviewing existing schemes for new lending ( = potential savings).

Automated valuations

With property visits for valuations on hold, some lenders are accepting automated valuation reports to a maximum 85% loan to value ratio, although not all go that high. If you have a current application, contact your broker or lender if in any doubt. It could lead to the mortgage underwriting moving to a formal mortgage offer.

Some lenders aren’t currently accepting purchase applications, but many are accepting re-mortgage applications. Both have varying maximum loan to value ratios.

Like everything at present, the position is very fluid and we’ll keep you updated.

Help and advice

Simply call us on 01244 345664 (email enquiries@changing-home.co.uk ). We can put you in touch with a mortgage broker who will be pleased to help.