{"id":20114,"date":"2020-05-20T13:45:44","date_gmt":"2020-05-20T13:45:44","guid":{"rendered":"https:\/\/smh.group\/?p=20114"},"modified":"2023-02-15T13:49:36","modified_gmt":"2023-02-15T13:49:36","slug":"mortgage-applications-up-and-running-once-again","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/mortgage-applications-up-and-running-once-again\/","title":{"rendered":"Mortgage applications up and running once again"},"content":{"rendered":"\n

Over the past few weeks, the mortgage sector followed the rest of the UK\u2019s businesses and went into lockdown. As restrictions have started to ease off, we\u2019re pleased to inform you that mortgage applications are now back up and running, however there are still a few areas that need a closer look.<\/p>\n\n\n\n

Automated valuations<\/strong><\/p>\n\n\n\n

It is now possible to get a mortgage approval based on an automated valuation of a property. Lenders are starting to relax further, with mortgages up to 80% LTV starting to creep back in.<\/p>\n\n\n\n

Help to Buy<\/strong><\/p>\n\n\n\n

Lenders are starting to offer mortgages on the government backed Help to Buy scheme once again. Buyers will need to contribute a 5% deposit, with the government providing a 40% loan, with the bank lending the rest. This effectively offers a 95% LTV for first time buyers.<\/p>\n\n\n\n

Moving Home?<\/strong><\/p>\n\n\n\n

If you were planning to move home before the lockdown, you may be able to take your plans off hold and start to prepare for your move again.<\/p>\n\n\n\n

In anticipation of further restrictions lifting, many home-movers are now starting to instruct estate agents and solicitors, and are applying for mortgages. There is likely to be a back-log of mortgage applications, so now is a good time to start the process.<\/p>\n\n\n\n

Been furloughed and applying for a mortgage?<\/strong><\/p>\n\n\n\n

You can still start a mortgage application if you have been furloughed from work, however lenders will only take into account the income you are receiving from being furloughed \u2013 which will be up to a maximum of \u00a32,500 per month plus any amount your employer is topping up.<\/p>\n\n\n\n

Mortgage in principle?<\/strong><\/p>\n\n\n\n

If you had a mortgage in principle on a new property prior to the lockdown, and have since been furloughed this should still be binding, however this is down to the discretion of the lender who may write to you to ask if there have been any changes to your circumstances.<\/p>\n\n\n\n

What next?<\/strong><\/p>\n\n\n\n

Positive steps are being taken to open up mortgage applications once again. Whilst physical valuations are still yet to re-start, automated valuations are now happening, allowing mortgage applications to be made and approved in principle.<\/p>\n\n\n\n

Our team at SMH Residential Mortgages<\/a><\/span><\/strong> are dealing with new applications for our clients, and are here to help now market conditions are improving.<\/p>\n\n\n\n

If you are unsure about anything, just drop us a line on 0114 266 4432<\/strong> or info@smhca.co.uk<\/span><\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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