Homebuyers could have their mortgage deal pulled even after exchanging contracts on a new house as banks calculate whether loans are still affordable for those whose circumstances have changed during lockdown. An estimated 450,000 property sales stalled when the Government shut the housing market in Britain on March 26, with most of those expected to have had mortgages either formally offered or agreed in principle. But banks are now looking at reassessing many loans – some even after contracts have been exchanged – with millions of workers having since had their pay cut, been put on furlough, lost a bonus or been made redundant. Customers with a mortgage offer are now being asked to contact their bank if their circumstances have changed, while the one in seven borrowers now on a mortgage holiday can also expect their situation to be reassessed. Meanwhile 80 per cent of surveyors said today that they have seen buyers and sellers pulling out of transactions due to the coronavirus pandemic, according to the Royal Institution of Charted Surveyors. Prices on dozens of properties across Britain – especially in London – have been reduced in recent days as sellers do their best to shift their homes… Read full this story
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