Articles
Easing out of lockdown
Following months of lockdown and social distancing, large parts of England opened up on Saturday, 4th July. The easing of restrictions saw pubs, restaurants, cafés, hairdressers, barbers and hotels once again welcome customers through their doors, although they’ve been told to observe strict social distancing rules.
Turbulent times for lenders
COVID-19's impact has turned society, and many people's lives upside down. Neither the mortgage industry nor the housing market escaped unscathed from these turbulent times. The pandemic caught lenders by surprise, and some scrabbled to react, offering 90% loan to value deals one week and pulling them the next. For example, in June Virgin Money and Clydesdale Bank were among those to withdraw 90 per cent loan to value products, however, both lenders are now considering applications from people with 10% deposits.
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.
