COVID-19 A Money Update

The current situation is still unraveling in respect of Covid-19 currently we have had little impact from lenders. Currently, only two lenders have announced any changes.


Underwriters now working from home (we have

experienced this as a couple of called with screaming babies in the background), they have also decreased the confidence levels on the desktop valuations and doing more drive by valuations rather than full internal valuations. In addition, this has been extended to Buy to let products, something not previously done.


Again they have extended drive-by and desktop valuations, they have also been the only lender so far to consider payment holidays of 3 months for those in trouble due to COVID-19.

In respect of funding

Most lenders have stated a desire to keep lending and business as usual, however I suspect some of the smaller ones will be impacted within the next 14 days.

Money markets have really gone crazy at the moment and we are now starting to see the ratechange of last week come through, to be honest the last time rates were this low (BBR .25%) fixed rates were around 2.5% on residential (75% LTV) today currently they are around 1.2% – 1.5%, So margins are already tight.

To give an example of money market rates we are currently seeing Residential rates going up by .01-.15% on fixed rates however Buy to let rates decreasing by .01-.11% again on fixed rates, markets are certainly seriously messed up at the moment!

This is what Halifax have said:

If you’re worried about coronavirus (COVID-19) and what it might mean for you and your money, we want to reassure you that we have extra support in place.

Whether your income or travel plans are affected

we’re on hand to help. We can explore a range of options with you, including:

  • No fees for missed payments on credit cards, loans, and mortgages.
  • Payments holidays on mortgages and loans with additional support provided when you need it.
  • Emergency access to savings in fixed-term accounts without charge.
  • Deposit limits of up to £500 for mobile banking, so you’ll be able to scan and pay in cheques without needing to visit a branch.

More to come as we get it!

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