The Times - How the coronavirus crisis will affect your mortgage

The Times reports that Britain’s mortgage market is frozen after banks and building societies withdrew more than 1,000 deals in a fortnight while having to deal with thousands of homeowners seeking payment holidays.

Some of the biggest lenders, including Lloyds Banking Group and Barclays, have stopped offering most loans to people with smaller deposits, amid predictions that property prices could fall 10% in six months because of the coronavirus crisis. 

Aaron Strutt from Trinity Financial, a mortgage broker, told The Times that people who have already exchanged face a legal dilemma as they approach now unattainable completion dates. “Solicitors are telling buyers that they have to complete or they’ll get sued, but removal companies are refusing to work.” 

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