Mortgage Market Update - 5th May 2020

Another week in the UK mortgage market where lenders continue to relax criteria, here are some of the key lender announcements this week:

• Coventry Building Society has reintroduced loans up to 75% for residential and BTL remortgages although capital raising remains at 65%. Coventry are particularly good in the self-employed arena and due to Covid 19 are taking additional measures to ensure businesses are still solvent. The measures include asking for 3 months business statements as well as each case being individually assessed. These measures are only for residential mortgages and aren’t required for BTL mortgages.
• Santander has returned to the Help to Buy market with loans of up to 60% from Friday 1st May with 2 and 5 year fixed rates available.
• We have heard that mortgage lenders are going to waive their rules on customers doing product transfers on payment holidays across the board. To date we’ve seen individual lenders announce that they will accept this but UK Finance have announced that lenders will be doing this as the norm and not the exception. Typically, if a customer is on a payment holiday, they are not permitted to switch rates until they are out of it, but exceptional times have seen exceptional measures put in place and it’s great to see another example of lenders stepping up to the plate to help customers through these challenging times.
• Hodge Bank are back lending on both Purchases and Remortgages up to 60% LTV. They are using desktop valuations capping out at 60%.
• As of Wednesday 29th April, BM solutions are back offering products up to 75% up from 60% earlier this week.
• Bank of Ireland for Intermediaries have confirmed that where you have clients that have already exchanged contracts, they will be able to extend their mortgage offer by up to 3 months to allow them the extra time they may need to complete whilst complying with social distancing rules. Either your client can contact them directly or you can do this on their behalf. This is for both Residential and Buy to Let mortgages.
• Metro Bank have said that they have made the process for requesting a payment holiday even easier for their customers. They can now apply online in addition to calling, emailing or requesting a call back.
• Commercial lending still remains limited with many lenders suspending any new applications.
• Halifax to reduce rates on certain products on Monday 4th May.

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