You Can Still Apply For A Mortgage
Understandably, many people are not focusing on matters as they usually would, but equally, there is a need for people to maintain as “normal” a life as possible. A lot of industries are trying to operate as best as they can, adhering to social distancing recommendations while making themselves available for their clients.
The Government has issued recommendations to the housing market, but the market is still operating. The same can be said for the mortgage sector. It is vital people stay up to date with what is happening in the market, and make themselves aware mortgage lenders are still offering mortgages.
Some lenders are offering a limited range, and some companies have tightened their criteria, but mortgages are still on offer. It pays to be diligent and present a robust application at the best of times. Nevertheless, in the current climate, all potential applicants should review their options and ensure they make a compelling argument with their application.
Agents are still offering valuations
One of the most integral aspects of applying for a mortgage is having a property valuation. Lenders will review the home applicants wish to buy, and will decide if the mortgage offer is acceptable for the property. Also, homeowners who are looking to sell their current home when purchasing another benefit from having their current home valued.
While there are limitations as to what agents can do in valuing a home, it is still possible to conduct a virtual viewing. Even with Government guidance requesting agents don’t visit homes, video technology and understanding of a local market ensures a value can be placed on a property.
Therefore, lenders can still receive information enabling them to determine whether they should offer a mortgage or not.
Lenders are keen to offer mortgages
While lenders are imposing stricter criteria on loans, they are still looking to provide this service. There are attractive mortgage rates on offer to candidates who meet criteria, which means this may be an ideal time for some buyers to be active in the market.
Technology will drive the market forward
Video connectivity will help in valuing property during the mortgage process, but this isn’t the only way technology will drive the mortgage industry forward. Interviews can be conducted live over a video connection. There is a wide range of social and business apps which allow for real-time engagement, and many lenders will look to engage clients in this manner.
Also, document signing apps and technology will ensure safe and secure transferring of documents. While these are unprecedented times, lenders cannot afford to compromise on security or anti-fraud checks. This will mean many lenders will place more considerable significance on technology in reviewing documents and sharing information.
Some lenders have already embraced new ways of working, but the current challenges will see many more companies utilise advanced communication methods.
Applying for a mortgage is the last thing many people are considering, but for some individuals and households, now is the right time. Mortgage lenders are still active, so anyone interested in arranging a mortgage, should prepare themselves for the process, and speak with industry experts.