The BBC has reported a depressing picture on the availability of mortgage deals as lenders take a more cautious approach. They fear an increase of default payments as the negative economic impact of COVID-19 continues.
Alison Mitchell, RobMac’s mortgage expert comments on the report.
“During these testing times whilst in a very competitive buyers market, you could be forgiven in thinking that its business as usual, but sadly its not. Lenders have battened down the hatches protecting their already depleted profits at the detriment of many buyers especially for First Time Buyers (FTB).
Its is hugely disappointing to see, when what we really need are for the FTB to keep buying so that the next time buyers can move. With HSBC withdrawing new business at 90% as well, things don’t look they will improve any time soon. However, you need to look outside the box, the Government scheme First Home Fund is still a brilliant options for many FTBs as is the LIFT scheme and it is this help that will hopefully see us ware the storm well until we can at least see a stabilized market once again.”
You can read the BBC article here: https://www.bbc.co.uk/news/business-54000714
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