Why is this happening to the mortgage market?
Mortgage lenders have been drastically affected by the coronavirus restrictions and they simply cannot function normally.
Some of the huge mortgage processing centers are starting to close and the number of staff working in key departments are being scaled back significantly.
The lenders were initially caught out by the Bank of England's decision to cut the base rate to its lowest ever level, but the movement restrictions are making it impossible for people to get into their offices or value properties.
How can Trinity's brokers help?
Trinity's brokers are explaining to their clients who are trying to purchase properties that we can submit their mortgage applications, but we do not know how long it will take to get the mortgage offers produced.
Remortgage applications are more likely to go through if applicants have a clear credit history and lots of equity in their property, this is because the lenders find it easier to process with system-generated mortgage offers.
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