If you have an open application or are thinking of applying, you must read this important update.
Due to last night’s announcement by the Prime Minister, the UK has now officially gone into lockdown, with restrictions put in place for all but essential travel. Which, amongst other issues caused by the COVID-19 pandemic, is starting to put pressure on the mortgage industry.
If you are currently looking to put an application in for finance, we would strongly recommend that you submit your paperwork as soon as possible this week. We are starting to see significant delays to lender processing capabilities and disruption within valuation businesses. Additionally, we are starting to see lenders across the board either withdraw rates or increase their rates. If you submit your applications today, you can secure your rate before it goes up!
If you are looking to proceed with buying a new property or remortgaging, please contact your adviser as soon as possible with the paperwork, so we can put your application into the lender queues and ensure as little delay as possible.
For those with existing applications, please be aware that there will likely be a delay to property valuations. We will work with you to ensure your property is valued as soon as possible, but if you still need to send your paperwork to do so immediately.
If you have any questions or concerns about an application, please contact your adviser directly, or call 0345 345 67 88.
24th March 2020