Coronavirus: my mortgage

Coronavirus my mortgage what does it mean

What does coronavirus mean for my mortgage? Whilst we fight against the spread of coronavirus is everyone’s main focus, those who are wanting to move or remortgage their property are understandably concerned about whether their plans will are able to go ahead. Most lenders have already been forced to adapt new lending restrictions. They have been faced with staff shortages and it is difficult to carry out property valuations, and huge numbers of their existing customers asking about mortgage payment holidays.

Here’s a summary of  what you need to know about how this global pandemic and how it’s affecting the mortgage market, and the chances of getting a mortgage or remortgaging.


There are however some smaller more specialised lenders who have temporarily stopped lending, majority of lenders are still offering mortgages to both existing and new customers.

Some lenders have withdrawn most of their deals which were available to those with smaller deposits because of the difficulty in having to conduct valuations and manage the application with low or reduced levels of staff,

Those who have a larger deposit can still find a wide range of deals available. The visual valuations are not currently being carried out though because surveyors are unable to visit properties, which could delay the application. A few lenders are able to use automated or desktop valuations remotely, although these are less likely to be possible if you want to borrow a higher percentage of the property value.


If you applied for a mortgage prior to the government’s lock down, in many cases your application should proceed as normal, although this will depend on your individual case and the lender involved. Some of the mainstream lenders out there have put applications already submitted on hold if they need a physical valuation which hasn’t been carried out. If your lender cannot conduct a remote valuation, your application could be delayed until a valuer is able to visit the property.

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