Mortgage Lending Heading Back To Normal

Mortgage Lending Heading Back To Normal

As you will know from my previous post "why are some lenders requiring a higher deposit " lenders were restricting their lending and only offering mortgages to those customers who had a substantial deposit.


Lenders chose to focus on supporting existing mortgage customers, while continuing to process their ongoing applications. They also had to deal with the issue of not being able to carry out home visit valuations.

Lenders have adapted the way they work and are currently carrying out (system-generated valuations drive-by valuations or desk top valuations) in order to get property purchases and remortgages agreed.

It seems that the lenders confidence has grown in this type of valuation and I am pleased to advise that Nationwide, Halifax, Virgin and Santander and HSBC have made it easier for people to qualify for a mortgage.

Nationwide and Halifax have resumed loans at 85% loan-to-value (LTV), while HSBC has raised its LTV level further to 90%

Virgin Money is now offering purchase mortgages again, and Santander has increased its maximum loan size - from £300,000 to £500,000 they have also cut fees on its residential mortgages.

As I'm sure you will all agree this is great news for the market and for borrowers who will have more choice in which mortgage they choose going forward. It also means that the post-lockdown recovery should be quicker when we start getting back to normal.

Take care and keep safe xx



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