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Second Lockdown and the Mortgage Market

How will the latest Lockdown impact the housing and mortgage market?

From Thursday 5th November, England will enter another Lockdown in order to help restrict the spread of Covid 19. Many home owners and buyers may be wondering what the impact of this will be on the property and mortgage market. Adam Nanson, Managing Director of Your Mortgage Expert in Salisbury comments on how the second lockdown will impact the mortgage market:

“The positive news for anyone looking to move over the next month is that the intention by the Government is for the Housing Market to stay open during this second lockdown.

“In fact, the Housing Minister, Robert Jenrick has officially stated on both Twitter and Facebook to this effect. Saying that renters and homeowners will be able to move; removal firms and estate agents can operate; construction sites can and should continue; tradespeople will be able to enter homes.

“This, of course, as long as they continue to follow Covid safe practices. And, it remains to be seen how people like Surveyors and Estate Agents will practically work safely. The Royal Institution of Chartered Surveyors, said it was waiting for further official guidance from the government.

“Another impact of the Second Lockdown on the Mortgage Market will be the continued strain on Mortgage Lenders and their service levels. This is due to an increased demand from buyers to purchase before the Stamp Duty Holiday Ends. And the ongoing need for lenders to carry out higher levels of financial due diligence due to Covid 19.

“With all this in mind, if you are considering purchasing in the near future, we would recommend you seek independent mortgage advise. At Your Mortgage Expert, we understand how the mortgage market is currently working. What new information lenders are asking for as part of their new financial checks. We also understand what the current service levels are and how much longer your application is likely to take.

“Our entire workforce is currently working from home. This means we can provide you with mortgage advice safely in a remote way.”

If you are interested in having a no obligation chat about your mortgage or about any of the questions we have raised in this article about the second lockdown and the mortgage market, why not get in touch? We don’t charge anything up front, so by speaking to us, you are under no obligation. We are based in Salisbury, Wiltshire, but we can help you no matter where you live in the UK.

Simply call us on 01722 322683 or complete a contact us form on our website and tell us when it would be best to get back in touch with you.

The information contained within this article was correct at the time of publication. It is intended for information only and does not constitute advice. Neither Your Mortgage Expert Ltd nor TenetLime Ltd cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation. For further information, contact Your Mortgage Expert on 01722 322683.

*source https://www.yourmoney.com/mortgages/brokers-fear-lengthening-backlogs-as-property-market-stays-open-in-second-lockdown/

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