Page 47 - ESPC Magazine - July 2021
P. 47

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.
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                                              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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