Business as usual for the reopened mortgage market?

Business as usual for the reopened mortgage market?

Mortgage Strategy reports “With lockdown measures being gradually eased, it was time for the 373,000 property sales (according to Zoopla) put on hold during the crisis to progress.  Amendments to regulations mean people can now visit estate agents and view residential properties, while surveyors and valuers can undertake physical inspections.”

“Despite widespread doubts about whether the UK is coming out of lockdown too soon, the announcement was good news for the mortgage market.

Lockdown rules had put a stop to valuations and surveys, causing property purchases to stall. Some lenders turned to automated valuation models, but these couldn’t be used for high loan-to-value purchases or certain types of property.

As a result, lockdown saw the number of mortgage products available at high loan-to-value ratios drop sharply. Analysis by Which? found there were 294 two-year fixed rate mortgages available up to 90 per cent LTV on the market in March, but just 24 in May, a 92 per cent reduction.

Meanwhile, Moneyfacts found that the number of mortgage deals on the market fell from 5,222 at the start of March to 2,566 in May, a drop of 51 per cent.”  Read all  

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