Following the news that several lenders, including Halifax and Barclays, are withdrawing mortgage products with a high Loan to Value (LTV), Mortgage Solutions has revealed that other lenders have no plans to follow suit.
In the last few days, Barclays announced that it will only accept applications on 60% LTV mortgage products and Halifax revealed that they had made the same decision.
Other lenders are holding firm at present and have revealed that they have no plans to do the same although they have indicated that this will be under constant review.
Some of the largest lenders including Nationwide and Santander are still offering 95% LTV mortgage products as of March 26th. Nationwide has also stated that it will continue to support the market within the very unusual constraints in this present situation as a result of COVID-19. It does not have any immediate plans to withdraw mortgage products but admitted that applications could take longer to process. Similarly, Santander is monitoring the situation to see how this crisis is affecting the mortgage market.
At present all of the major lenders are offering mortgage holidays for anyone who’s income has been affected by COVID-19 as a way to support existing customers and if this is pre-agreed, it should not have any adverse effect on your credit file.
If you feel that you need a mortgage repayment holiday, make sure you agree this with your lender first or talk to us for advice. We are still working hard to provide the same level of service, albeit remotely, so please don’t hesitate to contact us.