Lenders reviewing existing pipeline cases before advancing funds
Some borrowers are concerned at the delay in the issue of loan offers, as lenders review pipeline cases in the light of the Corona pandemic.
Lenders have spent time over the past number of weeks reviewing their pipeline of approvals to ensure cases still meet approval criteria. In addition to this review, they are also making some changes to lending criteria for new applications.
Cases where approval will be more difficult in the current environment include:
- Self build mortgages.
- Self Employed mortgages.
- Contract employment based mortgages - other than medical related.
- Mortgages based on a multiple of more than 3.5 times income.
- Individuals working in certain industries including,international travel, hospitality, tourism, events, sports, high street retail, leisure.