Barclays just rang and told me all new mortgages require 40% deposits now

AngelEyes91

I assume you’re meaning for people who haven’t got an offer yet?
Just that I spoke to my mortgage advisor yesterday who assured my mortgage offer is well and truly as it was and won’t be changing.. just wanted to put this in the hope it reassures someone

Crashy_Time

AngelEyes91 said:

I assume you’re meaning for people who haven’t got an offer yet?
Just that I spoke to my mortgage advisor yesterday who assured my mortgage offer is well and truly as it was and won’t be changing.. just wanted to put this in the hope it reassures someone

It reassures people desperate to move, by buying a house, not so much those hoping to move by selling a house.

AngelEyes91

Crashy_Time said:

AngelEyes91 said:

I assume you’re meaning for people who haven’t got an offer yet?
Just that I spoke to my mortgage advisor yesterday who assured my mortgage offer is well and truly as it was and won’t be changing.. just wanted to put this in the hope it reassures someone

It reassures people desperate to move, by buying a house, not so much those hoping to move by selling a house.

Well I am selling my house and buying another and it reassured me.. so if anyone is in my position then it will reassure them too. Just trying to help!

Windofchange

AngelEyes91 said:

I assume you’re meaning for people who haven’t got an offer yet?
Just that I spoke to my mortgage advisor yesterday who assured my mortgage offer is well and truly as it was and won’t be changing.. just wanted to put this in the hope it reassures someone

Yeah I had a similar chat yesterday - no change to what we have been offered a couple of months back, it's only those needing a new product. Makes sense I suppose as they can't do any valuations, have large staffing pressures, and the whole housing market has ground largely to a halt. 

jimmyjammy001

This is the unemployment rate in the past week in the US, something we are likely to see over the coming weeks, not many will be buying houses at this rate.... 

[Deleted User]

Barclays are currently working 2 whole weeks behind service standards.  They have been limiting applications in a day to try reduce their work.   This is purely just a measure to reduce business. 

Halifax have announced a similar message but their higher LTV products are available direct still.   Would they still offer them direct if the removal was because of house price uncertainty? No, of course not, they would pull them across the board. 

These are just measures to reduce business when they cant cope with the processing

graphs

Deleted_User said:

Barclays are currently working 2 whole weeks behind service standards.  They have been limiting applications in a day to try reduce their work.   This is purely just a measure to reduce business. 

Halifax have announced a similar message but their higher LTV products are available direct still.   Would they still offer them direct if the removal was because of house price uncertainty? No, of course not, they would pull them across the board. 

These are just measures to reduce business when they cant cope with the processing

Completely deluded 😂

Crashy_Time

jimmyjammy001 said:

This is the unemployment rate in the past week in the US, something we are likely to see over the coming weeks, not many will be buying houses at this rate.... 

Yep, a spike in unemployment and chasing houses at bubble prices will be the furthest thing from most people`s minds.

Crashy_Time

https://www.ft.com/content/c08ec3d9-079e-40ff-baae-11388c650f6c

Comments are interesting.

homeless9

So the housing market has been closed off? FT article says government has told buyers/sellers to delay their purchase/sale.

So I assume now nothing is for sale? people aren't allowed to go and view properties, properties cannot be valued, possible searches cannot be done?, snagging can't be done, people can't move in...... lockdown!