After the government introduced the Stamp Duty holiday to assist the property market weather the effects of the coronavirus pandemic, a lot of banks have been cautious in their lending.
Because of this cautiousness, applications have been taking longer to process and the chance of a rejection has increased.
This is having the knock-on effect of preventing buyers taking advantage of the stamp duty holiday according to MFS – Market Financial Solutions.
They commissioned an independent survey of 1262 UK homeowners and buyers. It found that 52% want to take advantage of the stamp duty holiday but are unsure if they can get a mortgage.
After the stamp duty introduction 32% of potential homebuyers said that they had been denied a mortgage.
And 46% of those who have bought a property this year have said that they encountered delays and complications-
Although it’s disappointing that some lenders are creating challenges for potential homebuyers, the stamp duty holiday has been largely positive for the property market.
If you’ve had any problem in obtaining a mortgage or you are not sure you would qualify, give us a call for free advice and to evaluate what options you have.
We have access to a huge range of products to suit your circumstances, from first-time buyer to overseas investor.
We work with lenders across the UK and have access to broad range of mortgage and insurance products designed for for you.
To find out what products could work for you and what your available options are, get in touch for a FREE consultation.
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