Mortgage lenders still keen to provide funding for property purchases and remortgages

by Aaron Strutt

Apr 20 2020

Banks and building societies are still keen to provide mortgages even though many of their processing centers have been scaled back and staff are working from home.

Mortgage lenders have been changing the way they operate and they are much more reliant on their IT systems. They are using system-generated valuations to get mortgages through while their valuers cannot inspect properties. HSBC is still providing mortgages to borrowers with a 10% deposit and the rates are incredibly cheap.

Aaron Strutt, product director at Trinity Financial, says: "The last financial crisis was very different from the situation we find ourselves in today because many of the lenders either closed or stopped lending altogether. In 2007-08 even the biggest banks expected buyers to have a 40% deposit to qualify for a mortgage. During this coronavirus crisis, nearly all lenders have made changes, but they are not so drastic, so we expect the market to return to normal a lot quicker.” 

Data from Moneyfacts.co.uk shows there are over 2,750 rates available to borrowers and this is not including the rates via private banks or smaller specialist providers. 

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation