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This is our take on what is currently happening in the mortgage market. Our views are often cited in several national publications, including; BBC News, The Times, Telegraph, City AM, FT Adviser and Daily Mail, as well as a number of key trade publications, so this should keep you ahead of the curve. If you have any questions on any of these stories, or would like further information, please do not hesitate to get in touch.
Nationwide increases flexibility in bid for increased market share
Nationwide have recently both increased their maximum loan-to-income ratio for first time buyers to 5.5 x income (with a few caveats) and are now also considering variable income again, bonus, overtime, and commission, where they had previously stopped due to Covid. This change highlights both their confidence in the post-Covid housing market and is arguably a bid for an increase of market share as these criteria changes make them a highly attractive mainstream lending option for a number of borrowers.
Mortgages for purchases seeing a slowdown in demand
April has seen a significant decline in purchase enquiries with this slowdown being illustrated in March too with remortgage business taking up a larger percentage than purchase business for us for the first time since the housing market re-opened following the first lockdown.
More good news for sustainably minded borrowers
Nationwide have joined NatWest (and other more specialist or less attractive products) from today in introducing a green product range encouraging borrowers to purchase more sustainable properties and existing homeowners to consider and increase the energy efficiency in their homes. This new product offering includes a Green Reward cashback for property purchases with an EPC Standard Assessment Procedure rating of 86 or more and a Green Additional Borrowing scheme enabling clients to make green home improvements to their existing property.
Is prime central London set to boom in the coming weeks?
With the UK’s vaccine rollout in full swing and the roadmap to lockdown easing going well and without any significant issues, it is now becoming possible to imagine very limited restrictions come this summer. Given London’s position as a major global city and highly desirable for foreign buyers anyway, this is likely to drive significant interest in the property market here, as wealthy buyers from across the world will be seeking a place where they can live safely that also has all the other benefits that London already has to offer…