The number of mortgage approvals made to home buyers slumped to a record low in April as the housing market was held at a near-standstill, Bank of England figures show.
Borrowers who are taking a three-month mortgage payment holiday are set to be able to extend it for another three months, or start making reduced payments.
The number of mortgages being approved to home buyers nosedived to a seven-year low in March.
The choice of residential mortgage deals on the market has halved over the past few weeks, analysis has found.
A major mortgage provider has offered reassurance that it will continue to take applications for home loans across its full range of deposit sizes.
Britain’s biggest building society is temporarily pulling its mortgage offering for low-deposit borrowers such as first-time buyers.
The number of mortgage approvals made to home buyers lifted to a six-year high just before coronavirus slammed the brakes on the housing market.
It could be the middle of next year before the number of homes being bought and sold is back to normal levels, experts have said.
Mortgage lenders are temporarily restricting the products on offer as the impact of coronavirus hits the market.
Savers face further misery from the Bank of England base rate being slashed from 0.25% to a new historic low of 0.1%.
Mortgage lenders have set out how they will offer payment holidays of up to three months for borrowers who are in financial difficulty due to coronavirus.
Savers will need to act fast if they want to grab a top rate, as some of the best deals are already disappearing from the market following the Bank of England’s decision to slash rates earlier this week, according to experts.
A stamp duty surcharge for non-UK residents is set to come into force next year – and could spark a scramble among overseas investors to buy properties before it kicks in.
Savers who have already seen their returns plummet now face more devastation following the Bank of England’s interest rate cut, experts have warned.
NatWest and Royal Bank of Scotland mortgage customers affected by coronavirus could defer their loan repayments for up to three months if they are in financial difficulty.
Thousands of people have signed a petition to make reliable rent payments proof that an individual is able to afford a mortgage.
Credit rating agency Moody’s has published figures showing mortgage arrears in Aberdeen running at double the UK average rate following the oil price slump.
The “Bank of Mum and Dad” will help finance 25% of UK mortgage transactions this year, according to research.