Several of the UK’s largest mortgage lenders have restricted the number of products they are offering to those with larger deposits.
Nationwide has said that it will now only offer mortgages to people with deposits of 25 per cent or more, Santander and Skipton have taken similar measures.
Others, including Barclays, Halifax, Virgin Money and The Family Building Society are requiring deposits of 40 per cent.
The move has been prompted by difficulties in carrying out surveys – which can be critical in assessing riskier loans – as well as reduced staff numbers and increased enquiries from existing customers wanting to remortgage or take advantage of the industry-wide offer of a three-month payment holiday.
Crucially, the move does not affect existing mortgage offers and so should not have an impact on transactions where all parties in the chain have already secured their mortgage offer.
However, be aware that many people are facing problems when completing due to the closure of many removal firms and the Government’s Stay at Home advice.
Here to Help
Contact us today for advice on mortgage applications during the coronavirus outbreak.