Here is a quick review of news in the mortgage market.
- Normality has certainly returned to the market, with most lenders back to lending at 85%.
- Rates remain low and lenders still keen to lend.
- Valuations are currently being returned without any significant down valuation issues.
- The backlog of physical valuations from before and immediately after lockdown has largely been cleared. Even automated valuations are currently presenting no issues.
- Some lenders did withdraw from some of the more complex schemes like Shared Ownership and Help to Buy etc, but again they have largely returned to these markets.
- Lenders are placing additional checks on the effects of CV19 on employed and self-employed. However, the checks are largely based on a “self-certification” of continued trading for self-employed, and none disruption to business for employed clients.
- Really the only slight downside at present is the 90% market. HSBC remains in this market but with rationed funds.A few other lenders are dipping in and out of 90% lending, depending on the availability and take-up of their funds.
The Robert Bell & Company Team