Being declined for a mortgage, even though it can be a deflating experience, is not game over as options have broadened over the past decade.
There are well over 700,000 homeowners in the UK who have fixed-rate mortgages coming to an end in 2021, which means many will need to find a new mortgage product to keep their monthly repayment costs down.
The pandemic has affected the commercial mortgage market far more than other mortgage markets, particularly in sectors such as hospitality. As a result, lenders became more cautious with their criteria, such as lower LTVs or declining applications from certain sectors.
Discounted houses will be available to first-time buyers for almost a third off the market price under a new government scheme that launches today.
According to MHCLG, the First Homes scheme will help local first-time buyers – including key workers – onto the property ladder by offering homes at a discount of at least 30% compared to the market price.
For landlords and tenants alike, there is no question that it has been an incredibly challenging year. And while the government has implemented a series of measures to help protect tenants and keep them in their homes, at ground level, this responsibility has never been greater for UK landlords.