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BBC - Lenders kick-start mortgage deals

Aaron Strutt Image

Some big lenders have begun reopening their doors to borrowers, making it easier to get a mortgage.

Nationwide resumed loans at 85% loan-to-value on Wednesday, while Halifax raised its loan-to-value's  from 80% to 85%. Meanwhile, this week Virgin Money began offering purchase mortgages again, as Santander increased its maximum loan size from £300,000 to £500,000.

Aaron Strutt, product director at Trinity Financial, told the BBC: "Lenders had to work out how they were going to continue trading while their mortgage processing centres were being scaled back and staff were working from home.

"They have been changing the way they operate to cope with the lockdown and are now much more reliant on their IT systems. One of the biggest problems under lockdown has been valuations, as properties can't be visited by lenders' staff to be inspected.

"Lenders are using system-generated valuations to get property purchases and remortgages agreed." 

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