Page 46 - ESPC Magazine - July 2021

ESPC AREAS MORTGAGE ADVICE

SEARCHING FOR A HOME WITH ESPC HOW THE UK MORTGAGE MARKET HAS
CHANGED DUE TO CORONAVIRUS

David Lauder, Independent Mortgage Adviser at ESPC Mortgages, looks at how the
EDINBURGH UK mortgage market has changed due to COVID-19.
CENTRAL
The mortgage world is different compared Another key change is that many lenders
FIFE to before COVID-19, with greater restrictions are asking if clients have been affected by
on lending and stricter assessment of furlough. Lenders will generally only use
documents and criteria in general. your full income if you have returned to
work or can evidence a return to work in the
One of the biggest changes to mortgages near future.
WEST EAST LOTHIAN as a result of the COVID-19 pandemic, is
LOTHIAN that for much of 2020 mortgage lenders Self-employed people are also being
raised minimum deposit levels to 15%, assessed more rigorously with questions
compared to 5% before COVID-19 (this being asked about how their business has
is based on the purchase price or Home been affected during COVID-19 and business
GLASGOW Report valuation of the property, whichever bank statements being regularly asked for
& WEST OF MIDLOTHIAN is the lower figure). to check how the business has performed
SCOTLAND during this time.
However, a greater number of lenders
started to offer 10% deposit mortgages at We are finding that mortgage applications
the start of 2021. The UK Government also are generally taking longer to be assessed
DUMFRIES & introduced the mortgage guarantee scheme due to current service levels and the high
GALLOWAY BORDERS to help bring 5% deposit mortgages back to volume being submitted. The normal two to
the market. three week turnaround for straightforward
cases to be approved may now take four to
Local homes advertised for sale with ESPC first – five weeks.
look out for the Exclusive badge online.
For independent mortgage advice, contact
the expert team at ESPC Mortgages on 0131
253 2920 or fsenquiries@espc.com

The information contained in this article is provided in good
160 Over 646,000 faith. Whilst every care has been taken in the preparation of
the information, no responsibility is accepted for any errors
solicitor estate 1,700 property alert which, despite our precautions, it may contain.
agents
emails
The initial consultation with an adviser is free and without
obligation. Thereafter, ESPC Mortgages charges for
mortgage advice are usually £350 (£295 for first-time
buyers). YOUR HOME MAY BE REPOSSESSED IF YOU
DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR
ready to help you buy properties for sale sent during June with OTHER LOANS SECURED AGAINST IT.
and sell homes My ESPC ESPC (UK) Ltd is an Appointed Representative of Lyncombe
Consultants Ltd which is authorised and regulated by the
Financial Conduct Authority.

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