April 7, 2020

For many banks it has been very difficult to operate with a reduced staff who are having to deal with Mortgage Holiday enquiries as well as dealing with the day to day aspects of lending. This has meant that for some they have entirely withdrawn from new lending at the moment to those that have made it very difficult by reducing products. You can count the lenders who will lend over 90% LTV on one hand at the moment. Strange t...

April 3, 2020

Mortgages are changing daily and there is not a day that goes by without another lender coming out with more changes on products. We are seeing a lot of lenders now funneling applicants according to how their jobs are affected by Corona Virus. My expectation is that the algorithms in the background will either reject or downscale the amount that the lenders are prepared to offer depending on what you do for a living. If you ar...

April 3, 2020

So they gave us the life jacket of Mortgage Holidays - that was nice of them! Now they are playing hardball on affordabilty. Yes I understand that there is going to be a potential issue with regards to affordability if you lose 20% of your salary but we are all staying at home, not spending money, not going out to the pub, restaurants, cinema etc. Is there not a case for saying that one balances the other out?

April 1, 2020

Stay off the phone! You are not going to change things and if it's something really important then your mother will call you. Endless scrolling through BBC newsfeed is not doing you any good. Put the phone down and stick to the plan. Stick to the stuff that you can control however minor.

March 31, 2020

Don't move unless you have to is the party line coming from the government. Delay concluding missives, agree a longer date of entry if you haven't and only move as a last resort. All well and good but let's hope the lenders play ball and honour that mortgage by extending the offer unconditionally without insisting on a further underwrite 3 months down the road!

https://www.gov.scot/publications/coronavirus-covid-19-guidance-mov...

March 30, 2020

News today that there is now a resolution of sorts to the registration issue that plagued the system last week. All key holders have agreed a solution to the expiry of the title guarantee known as the Advanced Notice. It now means that transactions can complete but only where hardship would be caused as a result of the transaction not completing. This opens the way for remortgages where someone would fall into the Standard Var...

March 27, 2020

So there we have it. With one hand they give (extending mortgage offers by 3 months) and then the next moment the take (removing mortgage products with high LTV). The banks have done it again in sending out mixed messages to the public. This afternoon a great number of lenders have removed products with loan to values higher than 85%. It's worse if you want to buy a flat! Some lenders have closed for new business and are not a...

March 27, 2020

Common sense is not always common practice but good to see that the lenders have decided in the circumstances to extend mortgage offers for up to a period of 3 months. With the current climate making it almost impossible to purchase, there will be a huge backlog of transactions when we get through this so this means that borrowers will not have to reapply if the mortgage offer terminates

March 25, 2020

Better news this morning as the bods at the Law Society, Registers and UK Finance have been bashing their heads together to get a solution to the closure of the Registers of Scotland that register titles for purchases and remortgages. Looks as if a solution is to hand and can be wheeled out soon. Next problem will be trying to find someone to help you move as it is announced that removal companies have been advised to close by...

March 24, 2020

More tentacles. Register now closed which effectively means that buying a house and remortgaging will now be suspended until they come up with a digital solution.......

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. BRICKS AND MORTAR MORTGAGES LIMITED IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.