According to Moneyfacts data lenders have halved the number of mortgages available due to the coronavirus situation.
In the last 5 days lenders have withdrawn 4,242 deals, on the 11th March there was 5,239 products and then the following day dropped to 2,768.
The withdrawn mortgage deals are only for residential mortgages and do not include other specialist products or buy to let mortgages.
Mortgage lenders withdrew products after the Government’s advice suggesting home moves should be postponed whilst social restrictions are in place and will release more products as the situation settles.
If you are not around to work, if you are not allowed to view properties, if estate agents cannot work, if surveyors cannot survey properties then it is no surprise that the mortgage market has all but collapsed.
Lenders are still out there and property offers are still being accepted but they are unlikely to complete until restrictions on movement are lifted. This could be many months away.