shlomo Posted April 19, 2020 Share Posted April 19, 2020 Does anybody have any experience of what the mortgage situation is like at the moment, would i be able to get a mortgage and has the deposit number changed? Quote Link to comment Share on other sites More sharing options...
Andy T Posted April 20, 2020 Share Posted April 20, 2020 A quick look at a banks website will tell you if the minimum deposit has changed. Before the pandemic, banks were to struggling to give mortgages away due to low sales numbers. Sales have now really gone through the floor, I don't see why their should be a problem obtaining a mortgage/remortgage as long as you are a safe bet. Quote Link to comment Share on other sites More sharing options...
Andy T Posted April 20, 2020 Share Posted April 20, 2020 Barclays - quick gander and they have pulled the 95%, 90%, 80%, 75% mortgages - you are left with 60% or less LTV. Quote Link to comment Share on other sites More sharing options...
dougless Posted April 20, 2020 Share Posted April 20, 2020 Ho, Ho, Ho..... Quote Link to comment Share on other sites More sharing options...
spyguy Posted April 20, 2020 Share Posted April 20, 2020 9 minutes ago, Andy T said: A quick look at a banks website will tell you if the minimum deposit has changed. Before the pandemic, banks were to struggling to give mortgages away due to low sales numbers. Sales have now really gone through the floor, I don't see why their should be a problem obtaining a mortgage/remortgage as long as you are a safe bet. Struggling to sell mortgages that met the BoE MMR rules. Prices too high; incomes and savings too low. Quote Link to comment Share on other sites More sharing options...
shlomo Posted April 22, 2020 Author Share Posted April 22, 2020 On 4/20/2020 at 11:16 AM, spyguy said: Struggling to sell mortgages that met the BoE MMR rules. Prices too high; incomes and savings too low. I am hoping prices in my area will go down. as my savings are stable but they are not going up. Quote Link to comment Share on other sites More sharing options...
crumblingcon Posted April 22, 2020 Share Posted April 22, 2020 Today some buyers will be pulling their hair out not being able to get a mortgage, but before the end of the year they will be on their hands and knees thanking God they could not get one Quote Link to comment Share on other sites More sharing options...
GregBowman Posted April 23, 2020 Share Posted April 23, 2020 On 20/04/2020 at 11:07, Andy T said: Barclays - quick gander and they have pulled the 95%, 90%, 80%, 75% mortgages - you are left with 60% or less LTV. They will be dishing out 50 and 60% like sweeties at new values - no risk as you say to good credit buyers who will be demanding deals from sellers Quote Link to comment Share on other sites More sharing options...
Freki Posted April 23, 2020 Share Posted April 23, 2020 Quote Mortgages and COVID-19Hide notice Due to coronavirus, there are currently fewer mortgages available than usual Borrowers with lower deposits will be most affected, as many lenders have temporarily lowered the maximum loan to value ratio (LTV) they will offer on new mortgages. Some lenders have cut their maximum LTV to as low as 60%, meaning mortgages from these lenders require a 40% deposit. We update the products we compare daily, based on the latest changes by lenders. Products have changed more regularly than usual recently, and we expect to see further changes over the next few weeks and months as the impact of coronavirus on the housing market becomes clearer. Can I still arrange a mortgage if I’ve already found a home? It is still possible to buy a home with a mortgage, but the impacts of coronavirus mean it will be a little harder than usual. As mentioned above, there are fewer mortgages available than usual, particularly for those with smaller deposits. There are also other impacts of coronavirus that mean the mortgage process might take a little longer right now: Where possible, lenders will use an automated or ‘desktop’ valuation. However, if your new mortgage requires a physical valuation, you’ll have to wait until social distancing guidelines have been relaxed. Because the outlook for the housing market is less certain at the moment, some lenders are requiring physical valuations in more cases than usual. This could affect you if you’re buying a home with a deposit of less than 40% of the property value. Some lenders have less resources at the moment so the application process may be slower than usual. Documents like house deeds generally need signatures to be witnessed, which could more difficult to arrange due to social distancing measures. If you need a mortgage urgently, we recommend you speak to a broker for free We’ve teamed up with specialist mortgage experts who can provide you with advice about the current situation. They’ll help you to find a mortgage that’s right for you and will manage your application all for free. https://www.moneysupermarket.com/mortgages/rates-table/first-time-buyer/ Quote Link to comment Share on other sites More sharing options...
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