With the lock down from Covid-19 continuing to ease, research by Rightmove suggests that demand for mortgages only paused during the crisis rather than stopped and that people are now very actively looking for a new home or the next property investment.

When the property market re-opened in May, Rightmove saw almost 5.2 million visits to their site – up 4% on the previous year. A reduction in the stamp duty tax until the early part of next year, along with some good mortgage rates still on offer (especially where people can provide a higher deposit), have helped to stimulate the market and for many people, now could be seen as a good time to make that postponed property move.

Data from Moneyfacts shows average mortgage rates are at the lowest levels since records began in 2007 following a further reduction in the bank base rate earlier this year. Although the higher loan to value (LTV) rates for residential and buy-to-let mortgages can still be a challenge, we are seeing some good mortgage rates available on the market.

However we are still seeing numerous industries being unable to operate effectively and many people face challenges of being at risk of unemployment, suffering negative equity on their home or even some adverse effects from the virus on their mental and/ or physical health. As a result we are seeing across all parts of the mortgage market that lenders are taking longer in their processes and asking for far more detailed information before approving loans.

So whether you are looking to move home, re-mortgage, take equity from your home or invest in a property, our Mortgage Consultants will work with you in finding the most appropriate mortgage solution and to achieve your property change as quickly and efficiently as possible.