FAQs

Has mortgage lending been affected by the Covid Pandemic?

Mortgage lending has almost certainly been affected by Covid from a lending and process point of view. Lenders are asking more questions, especially for self-employed applicants. In addition, due to social distancing measures, many companies have their workforce working remotely and service levels have increased.

Is it still possible to buy a property with a small deposit?

In light of the Covid Pandemic, many lenders have withdrawn their mortgages which required a low deposit. Those that remain and introducing stricter criteria to be eligible for their low deposit schemes. Therefore, it may still be possible but it certainly a lot harder than before the pandemic..

I took a mortgage payment holiday, is this going to affect my ability to refinance when my deal ends?

If you have taken a mortgage payment holiday and are moving lender, be prepared to ask questions around the circumstances of requesting a holiday.

My mortgage deal is ending, how long should I allow to remortgage to another lender?

Given that processing times have increased, we suggest that you allow at least 60 days for a remortgage application.

I am self employed, will I still be able to get a mortgage in the current environment (Covid-19)?

It would be fair to say that lenders are certainly scutinising self employed applications in light of the pandemic. Please be prepared to answer questions about how Covid-19 has affected your business and financial projections may be asked from accountant. In addition, you may be asked to supply business bank statements from your company to show that it is still trading. Also, if you have taken government support such as Bounce Bank loan, the lender may ask further information. Given this, where the lender is satisifed, mortgages are still being approved.