Getting A Mortgage More Difficult During Coronavirus
Published / Last Updated on 28/03/2020
Many lenders have been asked by the government to be more flexible with loans and overdraft extensions during the coronavirus crisis.
To protect the bank or lender, many lenders are pulling/closing their mortgage products to enable greater liquidity for overdrafts and personal loans.
Some of the bigger banking groups are fine and still lending as normal but it may be that the property markets slows dramatically or closes down for the coming months.
The government has advised people only to move, if they are moving into an empty property or if the move is critical for your wellbeing. Otherwise, you should postpone as the government will bring in new laws to allow lenders to extend mortgage offers which would otherwise expire.
If you are thinking of buying, and in particular buy to let mortgages, it be even more difficult as lenders will be worried that you may not be able to let the property for a few months or indeed your new tenant may lose their job over the coming months.
