UK lenders scrapping home loan deals

UK lenders scrapping home loan deals

UK lenders are effectively pulling out of mortgage deals for first time borrowers as the Coronavirus crisis deepens.

As of today, Tuesday 31st March, one of the UK’s biggest lenders, Nationwide, will only offer home loans to those with 25% equity or more. The move will not impact existing applications. Other lenders have already taken similar action including Santander and Skipton Building Society while others have gone further by reducing the loan-to-value ratio to 60%.

The main reason behind the change is likely to be a reduction in resource available to lenders to process applications, with some staff being off and others having to deal with thousands of requests for mortgage payment holidays.

 

Full story available from BBC News: https://www.bbc.co.uk/news/business-52106119

 

Origin and Elevate: Affordable property management software from Tilt.

Share:

Related Posts

main looking at computer screen
UK retailers protected from ‘aggressive rent collection’

A temporary ban has been imposed on commercial landlords in...


gas burner flame
Calls for extension to safety certificates amid COVID-19 pandemic

The validity of all gas and electrical safety certificates should...


business calculator
Two out of five UK renters struggling with payments

New figures released by market research company, Opinium, have revealed...