As banks are restocking their mortgage products, rates are growing more competitive and remortgage instructions are on the rise, positively affecting Britain’s property market. 

An increase in borrowing options due to the global health crisis means that thousands of homeowners, buyers and investors across Britain are now able to go ahead with their development plans. Although the market remains rattle due to the coronavirus pandemic, the latest easing of criteria means that the property market could receive a much-needed boost. 

A number of UK lenders which had previously gotten rid of their mortgage product offerings have now reintroduced some products onto the market. For instance, Nationwide is now offering mortgages to people once again with only a 15% deposit requirement. Halifax, Virgin and Santander have also lifted some of their restrictions, meaning that there are now more options available to borrowers – and those who had previously opted to put their plans on hold due to the pandemic, may now resume activity. 

Remortgages are another segment of the property industry which has been impacted by the Covid-19 outbreak. However, new data from LMS reveals that instructions are once again on the rise following an initial “coronavirus dip”. New instructions were up 9% between April 6 and April 13. 

The study from LMS also reveals that both mortgage applications and cancellations have maintained stability throughout the coronavirus crisis. LMS CEO Nick Chadbourne noted that the results should invite “quiet optimism.” 

“Promising levels of activity continue in the remortgage sector, with borrowers opting to take out new deals and industry service levels remaining strong,” he adds. “All metrics are holding steady.”

“The industry is showing its resilience during a testing time, and we hope to see this continue as the industry’s hard work pays off and delivers for borrowers.

“It has been promising to see the collaboration between all stakeholders within the mortgage process as we assist each other through the crisis.”