Firstly, thank you for all the emails and phone calls and likes for the week 1 post. Your support has encouraged me to write about week 2 of these strange times.
For House and Holiday Home Mortgages, it has been a challenging week as of course it has been for all of you and many more. No Joe and Lauren coming to the office, of course, for our usual work together. Every cloud has a silver lining as they say, no Monday meeting means none of Lauren’s “when, why and how” questions, nor do I have to get my head round more technology!
Only teasing of course.
Each week up to mid-March the business was growing. However, last week we still managed to commence 5 new cases; 4 remortgages and a new purchase.
Monday, I decided I needed to do some daily P.E.
I had heard about this Joe Wicks fellow, so I set about following his videos. Then both my daughter and accountant told me that was for kids!
Both of them are very similar in when I think I have done something good, they like to tell me “No, you should have done so and so!”
I have now upgraded my workouts following a site on Instagram. More news on that next week.
In the meantime, VW called and asked me if I would like to buy a new car. I told them the current model was working fine and actually going nowhere currently. But as they were not so busy could they knock me up a ventilator as my exercises were taking their toll.
Life chez-Stallard remains OK.
I make two phone calls a day to old friends and that has been most engaging and worthwhile emotionally. (I hope the recipients think so too! “Mark who?!..”)
Celebs telling me how to get through this are a “No” in my book. Just a personal view.
The garden appears to be getting near Chelsea standard. My phone is jammed with more humour and tonight we are having a virtual G and T with some friends. (I am not sure if they will know how to join the meeting mind.)
I did have to give myself a good talking to when I found myself vociferously disagreeing with the winner of the Virtual Grand National! Onto matters of work…
So, what news from the mortgage world?
The lenders cannot lend at normal capacity for the following reasons.
Firstly, many lending staff remain on front line duty working with existing customers as they seek payment breaks. (Please note I don’t use the “holiday” word. Holidays are normally had by the sea with a glass of something nice in your hand!).
Secondly, staff numbers are down for medical reasons. (We wish you well!).
Thirdly, valuers cannot inspect property except by remote means.
This has meant lenders have been pulling deals for reasons set out above, so a bit like a stampeded supermarket they have had to switch off their sales to allow their teams to catch up.
Let me stress there is no money shortage.
There is a resource shortage.
That will improve over the coming days.
It is worth concluding that one or two smaller lenders are now cutting back offers or applications to a lower amount because the funder is worried about the prospect of falling house prices.
That is of course their opinion.
Secondly, some lenders are now checking their offered or pre-offered customers to see if they have been furloughed. If that’s the case, they may wish to pause the application. This is understandable as they will want comfort the customer has a job to return to and in fairness not many house purchases are going to go through until the country starts moving again.
Our area of specialism, Holiday Let lending is tricky because few bookings are being taken and lenders are shall we say, taking a rest for obvious reasons. But I know at least 3 customers who want to buy as soon as soon as they can.
So, simple question from you.
Can I get a 75% loan to value purchase or a remortgage mortgage?
Simple answer: Yes!
Can I still get a 95% loan to value purchase deal?
Of course, supply is limited but we are not shut. Business can and is being done. Loans are not readily accessible, but they are still there. Like most things in life, you have to know where to look.
Time to wrap up.
Just a simple big “thank you” to all those people who are looking after us in all kind of different ways. You are doing a great job.
Have as good a week as you can, wherever you are.