Articles
Lenders reintroduce 90% mortgage deals
With the country slowly coming out of lockdown and the easing of restrictions, lenders are keen to get the housing market moving again. So they’re welcoming borrowers with open arms by reintroducing some of the products they scrapped when the COVID-19 crisis started, including 90% mortgage deals.
The property market reopens for business
The property market is back in business following two months of lockdown. Under new regulations, activities related to moving home are permitted, albeit under social distancing measures. So estate agents' offices are open, buyers and renters can view properties in person, show homes have also reopened and surveyors can be booked in to conduct inspections.
One in seven takes mortgage payment holiday
To date, more than 1.6 million mortgage payment holidays have been given to homeowners whose finances have been affected by the COVID-19 crisis.
One in seven mortgages is now subjected to a payment holiday, according to figures released by the trade body UK Finance. More than a third of all payment holiday approvements came during the first week of the nationwide lockdown, between March 25 and April 1. Almost 700,000 holidays were granted in April alone.
Tightening credit conditions in the mortgage market
By their very nature, predictions are an inexact science, but they can help us see which way the wind is blowing. With global economies and personal finances under increasing pressure because of COVID-19, the Bank of England's Credit Conditions Survey of banks and building societies is a useful guide to help us understand trends and developments in credit conditions.
Buying, selling and moving home during the pandemic
The COVID-19 pandemic is a human tragedy that is having a growing impact on the global economy, the full consequences of which will be unknown for some time. The UK lockdown has effectively hit the pause button on many aspects of our lives, including the property market.
