Coronavirus & the Mortgage Market | Mortgage Advice in Nottingham

Mortgage market update in Nottingham

Within the last few months, there has been a pause in the mortgage market and many of the general public’s mortgage applications have been held up. Due to a recent government announcement the mortgage market is springing back into action especially with the rock bottom interest rates that banks have set up to help the market get back on its feet. If you’re a First-Time Buyer in Nottingham this is a superb time for you to hop on to the property ladder. Also, if you’re a home mover then now is the time to proceed with your journey to your new home. 

This positive news means that we can now help you into your new property per the government guidelines. 

Property market

To summarise this week’s position:

• Surveyors are now permitted to go back to work. This is brilliant news as this has been a real sticking point for the past couple of months.
• Viewing properties is now permitted but estate agents are being told to encourage virtual viewings online where possible.
• Homeowners are permitted to prepare their properties for sale.
• Removals companies can start work again.
• Trades people can operate in homes again – good news if you are planning home improvements.

All of the above relaxations are subject to adhering to specific health and safety guidelines and social distancing.

Mortgage market

In terms of mortgages at the moment:

• Surveyors have an enormous backlog of work to catch up on so things will return to normal very slowly.
• Availability of high loan to value mortgages is still limited compared to pre-Lockdown. Some Lenders have increased their maximum loan to values this week though which is a positive Interest rates are very low so many customers who can get a mortgage are locking in on 5 year deals.
• Low loan to value mortgages still readily available – lenders are trying to lend where possible.
• Rules on lending to furloughed workers have tightened and some Lenders are pulling back on debt consolidation also.

Everything will still need a lot of time in order to resume back to normal and there is no way of saying how long this could be. You are in a great position if you are currently looking for a mortgage/remortgage deal as there are thousands available with most of them having low interest rates.

Mortgage Broker in Nottingham

Our First Time Buyer Mortgage Advisors in Nottingham have access to many different lenders who offer a wide panel of products. They will look through everything that is available to them in order to find you the best one tailored to your situation. 

If, in the meantime, you’re not a first time buyer or moving home then you still have the option to remortgage for home improvements as we are noticing a lot of people are realising that their homes aren’t big enough. It’s a very easy process for our Mortgage Advisors and may only raise the outgoing monthly payments by £100 – £200. This is also very handy if your current mortgage deal is coming to an end.