Following the success of our first vlog, we thought we would give you the latest on the impact that COVID-19 is having on the UK property market. This includes current mortgage rates, how mortgage lenders are utilising technology and the latest on property valuations.
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Mortgage Lenders
UK property market rates are currently at an all-time low, which is fantastic news for anybody looking to borrow money. We have never seen rates this low! Mortgage lenders are very keen to lend money for remortgaging or purchasing a new home. In addition to this, more lenders are entering the market again and are approving mortgages in record times.
Valuations
In times like this, technology certainly comes into its own. It is being used to its advantage, enabling lenders and estate agents to give much faster service when it comes to valuing a property. In addition to this, desktop valuations are allowing people to move forward with mortgages at a much faster rate.
“We’re now finding valuations all the way up to 90% loan to value are being done behind a desk which is absolutely phenomenal.” – Micheal Tilston
Running for ELF…
Many of you will know, we really enjoy supporting our local community and the city of Exeter. We work alongside many local businesses and are big ambassadors for the fantastic work achieved by ELF – Exeter Leukemia fund. ELF is a large charity in Exeter who works across the whole of Devon.
Due to the unprecedented circumstances of COVID-19, charities are not receiving the sponsorship they used to. They have also sadly lost their biggest fundraising event of the year, with the London Marathon now postponed. Our team thought that this would be a great opportunity to take on the challenge of running a marathon over 10 days and raise money for ELF. We were so happy to see the response on our Facebook page and how people are up for a challenge! If you want to donate to this brilliant cause, you can do at justgiving.com/themortgagequarterelf