6 months during Lockdown, Mortgage Brokers in Sheffield have overwhelmingly searched for ‘Temporary Maximum LTV mortgages’.
For 6 months during Lockdown, Mortgage Brokers in Sheffield have overwhelmingly searched for ‘Temporary Maximum LTV mortgages’, and highlighting how the lack of availability of high LTV mortgages has become such a challenge.
This data comes from Stephen Kerrigan, a Mortgage Advisor in Sheffield and owner of Mortgages Remortgages, he mentions; the criteria search platform for mortgage brokers due to the restrictions are being caused by the coronavirus pandemic. August 2020 saw clear signs that the housing market is still being affected by COVID-19.
However, First-Time Buyers are increasingly reliant on family members to give them a helping hand to get on the property ladder, which is impacting the maximum age at the end of the mortgage and may also have a longer-term impact.
The Maximum Age at End of Term was in the second top spot for residential. One reason for this could be recent news that 23% of homebuyers are reliant on the ‘bank of mum and dad’ post-pandemic. However, parents or guardians are helping to secure mortgages, their age may well be taken into account before approval is granted. Therefore, the mortgage could be limited by the age of the parents offering a helping hand, impacting mortgage terms.