June Mortgage Market Update, the sun is out, sunbathers are seeking the sun-kissed glow and charcoal is ready for the barbeque, thankfully now we are all in a more positive mood than we have been for a few weeks.

The mortgage market has started to see improvement slowly with lenders starting to open more products available. This has been largely helped by valuers who have returned to work of valuers sifting through the backlog of cases.

We have seen more activity and searches related to property and mortgages and the enquiry levels are starting to rise up again which is good to see.

We carefully watch all lenders for service and have noticed that across the board our average time from application to offer is 10-14 days, with the top lender averaging 7-8 days.

This will improve as things get back to normal, however, most applications are going through without any issues.

There are a few questions as to how lenders are underwriting cases now which really show just how important mortgage advice is and the guiding hand of a professional broker.

  1. The treatment of workers who are furloughed – lenders will be asking additional questions, at times after a “binding offer” has been issued which could mean the lender rescinding their offer if there have been changes in circumstances.
  2. There is a harder line of questioning around self-employed and small business owners.
  3. Most lenders have now cut off the amount of bonus they will take into account when assessing your affordability.

Every lender is doing something slightly different, we know which lenders to approach depending on the client’s situation.

Azembel Ltd is a Trading style of TMG Limited, which is authorised and regulated by the Financial Conduct Authority. Registered address 71-75 Shelton Street, Covent Garden, London, WC2H9JQ Registered No. 786245.