Today I published an article about lengthy lender wait times, which have become a frustrating part of Covid life.
Potentially buyers can miss out on a property purchase if they leave it late to apply for a mortgage, given that it can cost well over a month for them to go from application to offer.
Clearly I’d advise you to get that sorted out as soon as possible if you’re looking to buy, especially if you’re an investor, as buy-to-let tends to take longer.
Also, it seems whenever lenders push the boat out regarding their LTVs they attract a wave of applications at the moment, so if you’re one of those looking for a deal with a smaller deposit expect a long wait.
Unfortunately this isn’t the only issue causing headaches in the housing market at the moment,
Last week’s article about cladding requirements highlights how some buyers are being effectively locked out of the market, as they are unable to sell unless it’s to a cash buyer.
Hopefully the press continue to make noise about the latter issue, as it’s clearly a problem that shouldn’t be brushed under the carpet.
People are potentially in danger in these buildings, and the last thing the government needs is another fire-based scandal to put the nail in the coffin on what’s been a very tough year.
Ryan Bembridge, Editor, PropertyWire
