UK Mortgage Update – Coronavirus
31 March 2020
We discuss how the mortgage market has changed due to Coronavirus, including mortgage stress testing and the move to desktop valuations. How it has affected UK Mortgages on Buy To Let, Commercial and Bridging Finance? Scroll down to see the questions asked.
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Plus we answer Mortgage questions from my subscribers:
1) Will the stress test for mortgage lenders change?
2) Is it still possible and a good time to raise funds from current btl properties?
If so which is the best way, selling a property or remortgaging?
If you have circa 400k equity in 4x BTL properties, can you raise funds from lenders with a floating charge on the properties?
3) What is your experience of a lender performing a Desktop Valuation?
My current lending application is progressing very slowly due to the lockdown and a desktop valuation has been suggested. Are there and recommendations or tips to influence a good valuation via this method.
— Neil Traxler
3) Is it still possible to get commercial mortgages for semi commercial/mixed use properties during this crisis period?
— Dionne Condor-Farrell
We’d love to know your thoughts. Leave a Comment below.
Live your Dreams,
George Choy & Sarah Choy (Financially Free at 39)
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