Wednesday August 12, 2020

Securing a mortgage in the age of Covid-19

There has been a significant increase in the number of purchase completions in the residential market, but in the new climate many are still finding it tricky to get mortgage approval

19th July, 2020
Two main factors are heavily influencing the lending market at the moment: exceptions and the impact of the Temporary Wage Subsidy Scheme

Despite fears that the mortgage market would grind to a halt after we entered lockdown, transactions continued – albeit at a lower level, with approvals down by 62 per cent in May.

June told a different story, however, and mortgage lenders and service providers have experienced a substantial increase in enquiries, approvals and drawdowns.

So far, the month of July has seen a large uplift in completions for purchasers and also mortgage-switchers who were savvy enough...

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