Whether you have exchanged contracts, not received your mortgage offer yet, or are considering moving in the foreseeable future, we are here to answer all of you queries.
It is disappointing when any market deteriorates quickly, even more so when it is linked with people trying to purchase a new home.
Regarding Ongoing Purchases, the Government has stated:
“There is no need to pull out of transactions, but we all need to ensure we are following guidance to stay at home and away from others at all times, including the specific measures for those who are presenting symptoms, self-isolating or shielding. Prioritising the health of individuals and the public must be the priority”
The full guidance you can find by clicking the link below, but to summarise, if the move isn’t necessary and you can’t carry out safe social distancing when you move, then don’t do it.
Currently it is our view that a vast amount of lending will be paused for the foreseeable future. The Government has put restrictions on ‘Essential Travel’ which has led many valuers to withdraw their surveyors from the market, as a physical valuation becomes ‘impossible’ as travel and social distancing is inevitable.
We do have hope that we will see alternatives to physical valuations being carried out, with the aid of Technology, such as video call / skype for example to aid more mortgage applications.
With the government-initiated shutdown of the sector, it has unfortunately, resulted in many lenders across mainstream and specialist lending altering criteria or withdrawing products.
Lenders are currently dealing with the perfect storm of declining market conditions, staff in isolation, staff working remotely, helping support businesses and customers whilst also dealing with up to 10,000 calls a day from people asking for a payment holiday.
But no lender has asked to be put in this position and with job security now volatile, lenders have to lend responsibly and while they have a duty of care to their customers they also have a duty of care to their shareholders, their staff and the wider economy.
We are confident that the market will come roaring back in due course. But, in the interim, some lenders may exit the market temporarily or restrict lending.
If that is the case lets rally around them and let them know we will be there for them once normality returns.