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Halifax and Barclays cap lending on many mortgages amid coronavirus lockdown
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Halifax and Barclays cap lending on many mortgages amid coronavirus lockdown - MSE News
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MSE_Chris_D
Posts: 31 MSE Staff
Halifax and Barclays have withdrawn many mortgages from sale this week, making it harder for borrowers with lower equity or deposits to get a new deal, as the impact of coronavirus starts to spread to the housing market...
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What happens to mortgage offers which have already been issued?0
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does this affect people who already have their offer?1
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Given that lenders will be suffering staff shortages perfectly reasonable that the focus is on helping those that require holidays. Barclays has been impacted by the complete lock down in India. Easy to forget that this is a global event.0
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If people need 40% deposit, prices of houses that first time buyers go for will need to come down alot as no one will be able to sell them which will also bring down the price of more expensive houses as people will not be able to step up the ladder, think the housing market is in for a very big overdue correction.0
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Vadimtoader said:Proportunity.co might be able to help! They give equity loans up to 25% on top of a customer’s deposit (similar to help to buy, but for any homes, not just new builds) . For anyone that has at least 15% deposit, they could still afford to buy with them and the new 60% LTV mortgages.In these times we need to stick together and help each other.@MSE Can you help get the message across to them?0
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jimmyjammy001 said:Vadimtoader said:Proportunity.co might be able to help! They give equity loans up to 25% on top of a customer’s deposit (similar to help to buy, but for any homes, not just new builds) . For anyone that has at least 15% deposit, they could still afford to buy with them and the new 60% LTV mortgages.In these times we need to stick together and help each other.@MSE Can you help get the message across to them?
I remember when I was looking for somewhere to buy in 1988, prices were very high and I never thought that I would find somewhere.
Eventually we found a 2 bedroom flat (semi detached house converted) with a 999 year lease and 1 pound ground rent for 39,950.00 - yes that was a lot of money and interest rate was extremely high - over 10%.
Getting a mortgage as just as hard, we had to go through a broker and settle for an endowment mortgage.
Every generation go through this, it's nothing new
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jimmyjammy001 said:If people need 40% deposit, prices of houses that first time buyers go for will need to come down alot as no one will be able to sell them which will also bring down the price of more expensive houses as people will not be able to step up the ladder, think the housing market is in for a very big overdue correction.0
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Existing applications to Halifax are unaffected. My broker just managed to get me in (submitted Tuesday) valuation drive by done and ok. It's a remortgage so no actual move. He confirmed applications that are already in the system are not affected.Officially in a clique of idiots0
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The LTV surge is not being caused by lenders wanting more money for deposit, it is the lack of staff/surveyors etc to process applications. 60% LTV is reasonable for desktop valuations and minimal input from 'people'1
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It looks like these LTVs will be increased in the coming days - I am not sure what to, probably not 95% but maybe 80-85%.
I think lenders just wanted to shut off applications until they had a plan for valuations as surveyors were not going out.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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