Buying a house is normally the single biggest financial commitment you will make, therefore making the right decision important as it will save you money.

Many have found the current global pandemic has had an impact on their finances and how they make their financial decisions, however many others have found it to be the perfect time to buy thanks to the Stamp Duty Holiday on purchases up to £500,000 (ending on 30/09/2021).

This, pent up demand, and lenders operating often with reduced staffing levels and working from home, have led to delayed processing at a time when the market has seen increased activity,

This is where many borrowers have found using a broker as invaluable as not only is borrowing more challenging from a timescale point of view, the economic downturn has made lenders far more cautious, especially where employed/self-employed have had support from government backed schemes such as furlough and bounce back lending.

Many lenders now require additional assurances from employers and accountants, that previously were not required. This is all happening at a time when housing prices have seen rises, so we really are in place where the rules and criteria are out of synch with market forces.

This is illustrated by the lenders reluctancy to make higher loan to value (85%+) mortgages widely available and without restrictive criteria at a time when the demand should have them fighting with each other for the opportunity to lend.

Recently however, lenders have begun to ease up and more are re -entering the high loan to value end of the market which should then influence other players doing the same. The vaccine will certainly have helped but the main issue is any impending mass unemployment from the pandemic fall out. Ultimately this is the main concern for lenders, will the borrower still be able to pay their mortgage?

Despite the difficulties faced throughout 2020, as a business we have still been able to provide the usual standard of service through non face to face means and we continue to do so. Our in-house mortgage advisors Stefan Olingschlaeger and Trevor Schooley are always here to help should you have any questions or require any assistance with your mortgage and equity release needs.

If you would like a meeting with Stefan or Trevor, or would simply like have an initial telephone call to understand your mortgage & protection options, please contact 01273 208813 or email:

Stefan Olingschlaeger: [email protected]

Trevor Schooley: [email protected]

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