New Buying a House During COVID (Mortgage Advice) | UK Housing Market Update



Buying a house is hard enough at the best of times, let alone during a pandemic.

In this interview, we shed some light on the current home buying process, as well as provide you with an in-depth look and update on the current UK housing market.

Phil Spencer is joined by Paul Archer, Senior Manager for Mortgage Pricing at Nationwide. The two discuss a range of topics, including high LTV mortgages and how lending has changed.

👉 VIDEO TIMESTAMPS ⏳
0:00 Video Introduction
4:50 How lenders innovated to support the market
5:29 How has the assessment criteria changed and why?
7:25 Nationwide’s position on affordability review
8:45 How terms of lending have changed
10:52 Tightening of criteria forced people to look at what’s in their best interest
12:35 Discussion on the 95% LTV mortgage
15:30 Benefits of low-interest rates – competition is fierce
17:07 The lending conundrum
19:00 Conclusion

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10 comments

  1. julian chesser

    Stop paying over the asking price for houses people!! you are part of the problem!!!!!!!!!!!!!!

  2. Gago Movers Ltd

    Thank you for such interviews, it's a very interesting topic as a moving company, we have definitely seen an increased people buying houses this year of covid-19.

  3. I was talking to a surveyor today and he said he expects a lull in the housing market next year, but overall, prices will remain high because of a massive shortage of housing in this country. It's actually been ridiculous and properties that I thought would be on the market for months, are being snapped up.

  4. Patrick Gallagher

    Hi. Please could you consider looking at the process for First Time Buyers who have the opportunity to get a foot on the ladder as the result of a legacy. Just because someone isn't buying via a mortgage, it doesn't mean that the pressure is any less, indeed it may be more, if one is using family money and there is an onus to prove that it's being used wisely.

  5. Valentin Brescan

    Very useful interview. Thanks Move IQ team

  6. Kirsty Kirby

    Glad to hear someone talking about helping FTB. Government backed 95% mortgages sounds like an absolute disaster waiting to happen, and I suspect will do nothing but increase prices further, much like the Help To Buy Schemes. As a FTB myself, I have aggressively saved for 3 years now, no new clothes, no holidays, and definitely no lattes (*rolls eyes*) and yet due to the Chancellors rather ill thought out decision to introduce a SDLT holiday, the types of houses I was viewing back in Feb 2020 are now WAY out of reach despite having saved for another year. Whilst prices in my area apparently grew by over 8%, the estate agents appear to have read that as 20% – houses that were last year priced at around 200K are often upwards of 240-250K. I'm far from rich but earn above average for my area, yet saving 50k in a year, whilst paying rent and bills is nothing more than a pipedream! The lack of stock due to the current lockdown is only fuelling the problem further. Interest rates on mortgages are also worse for me now than they were in March last year, even after upping my probable deposit from 10% to 20% – I can borrow the same but will pay more for the pleasure. Rishi really didn't help the plight of the FTB at all. I really hope Paul is right that there will be some 'softening' to the market in the coming months so I can finally buy a property and leave my rented property.

  7. Coaster Connection

    Thanks for uploading! Very insightful. 🙏

  8. Interesting interview and surprised that Paul actually voiced his opinion (considering he represents someone invested in the housing market). Lots of words of caution that suggest a 'softening' of the housing market in the coming year. Credit to Paul for being honest and not having the 'glass half full' optimism of estate agents and those who profit from rising house prices.

  9. Proper Shropper

    Thanks for this

  10. my cute pussycats

    Took a long time for completion, and getting tradespeople has been a nightmare. Getting the mortgage was the easy part for me lol. I had a 50% deposit, and managed to get a 5 year fixed at 1.59% on a 15 year mortgage.

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