Back in March, the Bank of England slashed interest rates to an all-time low of 0.1%, in a bid to alleviate the severe economic pressure caused by coronavirus. As the base rate cut fed through to mortgage rates and with the continuing pressure of a closed mortgage market, lenders responded by withdrawing mortgage offers, increasing rates and pulling products from the market.
Between March and May:
Lenders make a cautious return
As certain social distancing restrictions began to be lifted in May and the property market reopened for business, lenders began relaunching higher LTV deals and products aimed specifically at first-time buyers, such as Help to Buy loans.
With the property market still in the early stages of recovery, it’s worth being pro-active and following some of these tips to maximise your chances of mortgage approval:
Consult the experts
We’re on hand to make sure you get a great deal for your circumstances, and one that gives you the highest chance of success. Whether you’re a first-time buyer or a second stepper, we’re here to guide you through this difficult period.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.