Lenders reopen their doors to mortgage deals

Lenders kick-start mortgage deals for Britain’s buyers

Some of the country’s biggest lenders have started reopening their doors over the last few weeks, making it easier for budding buyers to get a home loan.

Due to lockdown restrictions around the coronavirus (COVID-19) pandemic, lenders had to reassess their deals including several being scrapped or lenders only offering loans to those with larger deposits. However, we’ve recently seen a number of lenders making it easier for purchasers to qualify for a loan.

Some of the key changes so far include:

  • Nationwide resumed loans at 85% loan-to-value (LTV).
  • Halifax raised its LTV level from 80% to 85%.
  • Virgin Money began offering purchase mortgages again.
  • Santander increased its maximum loan size – from £300,000 to £500,000 – and cut fees on its residential mortgages.

Lockdown has seen lenders have to change the way they operate, including teams moving to agile working, becoming more reliant on their IT systems and offering system-generated valuations due the restrictions on in-person valuations.

The news of lenders reopening their doors is good news for both the housing market as a whole as well as borrowers who will now have more choice in mortgage options moving forward.

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