Which mortgage lenders have stopped lending during the coronavirus?
As promised I am providing an update, where possible on any market movement. I have had an update with what is happening within the market and I hope you find this useful.
Lenders who have paused accepting new mortgage applications:
- The Mortgage Lender (TML) on just Residential (Buy to Let remains unaffected)
- Skipton Intermediaries on both Residential and Buy to Let on – Purchases Only
- Virgin Money on both Residential and Buy to Let on – Purchases Only
- Pepper Money are still accepting new applications still BUT as they don’t accept AVM’s, desktop or drive-by valuations, all applications will be put on hold for the next 3 weeks awaiting further guidance from the government around movement
Lenders who have put in place occupation or status restrictions:
- United Trust Bank are no longer accepting applications from those in Leisure, Travel, Hospitality or Retail Sectors on Second Charges
- LendInvest are no longer accepting applications from First Time Landlords
Residential Mortgages
- Family Building Society have reduced their maximum LTV to 60%
- Halifax have reduced their maximum LTV to 60% on purchases and remortgages (no change to Product Transfers or Further Advances)
- Leek United Building Society have reduced their maximum LTV to 80%
- Nottingham Building Society removed products above 85% LTV
- Octane Capital have reduced their maximum LTV to 65%
- Skipton Building Society have reduced their maximum LTV to 75% on Remortgages
- Virgin Money have reduced their maximum LTV to 60%
Buy To Let Mortgages
- BM Solutions have reduced their maximum LTV to 60% on purchases and remortgages (no change to Product Transfers or Further Advances)
- Leek United Building Society have reduced their maximum LTV to 65%
- LendInvest have reduced their maximum LTV to 75%
- Skipton Building Society have reduced their maximum LTV to 75% on Remortgages
- Virgin Money have reduced their maximum LTV to 55%
I think it will be difficult times for everyone, but we’re all in this together. As I am updating this information, new email updates are coming in so please contact me if you have any questions or would like my help, why not book 15 minutes with me? Get in touch!
