UK lenders are effectively pulling out of mortgage deals for first time borrowers as the Coronavirus crisis deepens.
As of today, Tuesday 31st March, one of the UK’s biggest lenders, Nationwide, will only offer home loans to those with 25% equity or more. The move will not impact existing applications. Other lenders have already taken similar action including Santander and Skipton Building Society while others have gone further by reducing the loan-to-value ratio to 60%.
The main reason behind the change is likely to be a reduction in resource available to lenders to process applications, with some staff being off and others having to deal with thousands of requests for mortgage payment holidays.
Full story available from BBC News: https://www.bbc.co.uk/news/business-52106119
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