Virgin Money
| Use attributes for filter ! | |
| Founded | 1995 |
|---|---|
| Founders | Richard Branson |
| Areas served | United Kingdom |
| Australia | |
| South Africa | |
| Type of business | Privately held company |
| Private company limited by shares | |
| Date of Reg. | |
| Date of Upd. | |
| ID | 644469 |
About Virgin Money
Virgin Money is a financial services brand used by three independent brand-licensees worldwide. Virgin Money branded services are currently available in Australia, South Africa and the United Kingdom. Virgin Money branded services were formerly offered in the United States.
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Coronavirus: UK-mortgage market is in partial lockdown
Have you been thinking about getting a mortgage? You need to think about how lenders are scrapping their home loan offers.
On Tuesday, Nationwide - One of the UK's largest lender - effectively, new offers pulled out.
the Other will do the same as the mortgage market goes into lockdown in the middle of the coronavirus, which brought the economy to a standstill brought.
Nationwide , Now Only housing loans offer to those with 25% equity or more.
The rules from the first time, a borrower or existing homeowners with little equity in their home.
Nationwide , said The Change will have no impact on existing applications.
In fact, it will allow it to "focus on the support of existing mortgage members, during the further processing of the running applications," it said.
The mutual existing mortgage customers is still offered, mortgage deals of up to 95% loan to value (LTV), it added.
What to do the lender?the accused, Nationwide , "an extremely high number of requests on existing mortgage and current applications".
"That is why we have made this decision, on a temporary basis, though, to offer the continuation of mortgage up to 75% LTV, we can further support the housing market," it said.
Other lenders who have taken similar measures include Santander and Skipton Building Society, but many have gone further, by reducing the loan-to-value ratio to 60%.
this means That borrowers need a 40% Deposit or equity in their home, in order to be able to get a mortgage to get.
Lenders that have done this include Barclays, Halifax, Virgin Money and The Family building society, while the Coventry Building Society has the LTV ratio cut to 65%.
What is it?"The recent withdrawal of many higher-LTV mortgage products and home products to acquire, is hopefully a temporary measure, while the lenders assess the risk in this area of The Market and Work Out what it will be possible to provide for them, while the current restrictions are in place," said Eleanor Williams, finance expert at Moneyfacts. co. uk.
"With so much uncertainty at The Moment , the provider initially seem to be a focus on the support that your existing customers can in the next few weeks. "
nationally, the increase in The Deposit required for a new mortgage,Chris Sykes, mortgage consultant at broker expects Private Finance, there are good reasons for The Changes .
"the lenders to have a smaller storage capacity, because the employee is to meet thousands of calls for the mortgage payment holidays," He Said .
"So, you don't really do the ability to a lot of new mortgages now. If you do go, you high-quality, low-risk mortgages want. "
It is also to remember that the reviewers don't Get Out to see properties right now, the more influence on the complex property purchases, he added.
"Lower loan-to-value loan means there is more possibility of online or automated assessment," He Said .
What if I have already agreed to, and a mortgage?The are not affected. Lenders say that they make more home loans already agreed.
Nationwide , said: "Existing applications, where the product is already reserved, continue to move forward. "
For people who've already made, but that may be affected by Covid-19, lenders provide additional protection for the people.
enter customer exchanged to move contracts that the option to extend your mortgage offer for up to three months, to allow you, at a later date.
"lenders and borrowers are facing an unprecedented set of circumstances," said Robin Fieth, chief executive of The Building Societies Association.
He pointed out that people who would have been the preparation and the expectation, are to move in The Coming weeks, now in front of a wait until Covid-19, restrictions can be lifted.
He Said : "Our hearts are with them and our heads will be clear that it would be unfair for these people to have, to start your mortgage application all over again once in a lifetime, back to a normal state.
"A three-month-provides extension of the existing mortgage, seems to be a fair and reasonable step to Take . "
personal finance, mortgages, coronavirus pandemic, nationwide building society
Source of news: bbc.com
