Mortgages, Covid and Furlough

Like all businesses, Mortgage lenders are having to adapt to new ways of working with Covid 19, and each has responded differently, altering the way in which they do business, or making changes to their product ranges and lending criteria.

Lenders have a duty to ensure they lend responsibly, and many have changed the amount they will lend to customers.

There are currently far fewer options when borrowing over 85% of the property value, and borrowing over 90% can be particularly challenging.

Some lenders have introduced family assisted mortgages, which are designed to help first time buyers, and could be a great option for some.

The threat of a further downturn in the economy, and borrowers potentially being unable to keep up repayments on their mortgage is obviously a concern for lenders, and this is a particular issue for customers who are applying for a mortgage and whilst on the furlough scheme.

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Lockdown with a Difference

Another national lockdown is in place, but this time round there are some significant differences to earlier in the year, and we are all trying to fathom out exactly what it means for each of us, and more importantly how it will impact our lives!

One of the big differences within the world of property is that, while we still had a small team in place throughout the first lockdown, looking after the hundreds of properties we manage for clients, we were unable to show people around the fabulous homes we have for sale and to rent, or indeed come out and give advice and guidance to those thinking about making a change, and wanting to buy, sell, rent or improve their home.

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