Mortgage shortage coming as lenders start to tighten their belts, due to Coronavirus

Mortgage shortage coming as lenders start to tighten their belts, due to Coronavirus

Mortgage loans will be squeezed as lenders reduce number of products

Mortgage lenders will start to slash the availability of competitive mortgage products, loans and other credit during the coming weeks despite consumer demand.

Banks have informed the Bank of England that the supply of credit will fall this summer due to coronavirus pressures.

This will be a blow to the UK economy, the housing market house buyers who need to borrow.

The credit ‘crunch’ could mirror the position a decade ago after the financial crisis of 2008, although this recession has not been caused by a banking crisis.

The financial downturn led to a withdrawal of loans and mortgage products for first-time buyers and buy-to-let investors.

There is only one 2-year fixed-rate mortgage deal for borrowers with a 5% deposit, compared with 137 before the coronavirus crisis, according to Moneyfacts.

For those with larger deposits, there is more choice, but the rates and fees have gone up, despite record low interest rates.

Is it still worth investing in buy-to-let property?

Investment in buy-to-let properties can still be profitable when done professionally. However, there are still many other opportunities to make money in property without the need for buy-to-let mortgages, large deposits or high rates of tax.

Other articles available at Money Tips Podcast - www.moneytipsdaily.com

Millions of people face a bleak future post-Coronavirus lockdown, as businesses disappear and the job furlough scheme eventually comes to an end. However, life doesn’t have to end because of lockdown! You can join thousands of ordinary people who have increased their income and added streams of new income during this period.

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution?

By Charles Kelly, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on how to survive the crisis and even quit the rat race, email me at Charles@CharlesKelly.netor send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

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