The pandemic has had huge implications for UK households in terms of how we can borrow.

Over the last year, many mortgage lenders have tightened their lending criteria. Some pulled mortgage deals from the market, mortgage holidays increased, and interest rates fell.

During lockdown - as some of you will have seen - 5% and 10% deposit mortgage schemes were withdrawn by almost all lenders. They introduced very strict measures around what income they would accept.

For example, bonus commission and income were sometimes not taken into account. The amount you could borrow against your income was also reduced.

However, things are starting to look up now we're coming out of lockdown, and people certainly shouldn't be put off from borrowing!

There are a lot of misconceptions about lending at the moment. One is that if you have been impacted by Covid by being on furlough for example, or have taken a grant or bounceback loan, then you won't be able to get a mortgage.

Thankfully this is not the case.

The mortgage market is open and it is becoming more and more accessible and lenders have adjusted to how people have been impacted by Covid. Post-pandemic, thousands of borrowers will emerge with more complex borrowing needs, and it will be important that advisers are well equipped to help.

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Now we have lenders who are willing to lend up to 5.5 times your income, 5% and 10 % deposit schemes are plentiful in the market, and additional income is being considered again. Lenders have adjusted their service levels after the first lockdown, for example by putting specialised covid policies in place.

Purchasing a home should be one of the most exciting times in your life, but it's important to get the best mortgage for your needs especially after the changes of the past year.

Regardless of how you have been impacted by covid, whether you've been on furlough, you're self employed, or in any other situation, with so many lenders there are lots of options available.

Each lender and their criteria is different. Contact Greenacre to talk through your options with an expert. Call 0203 3939 222 or email [email protected].

Greenacre Financial Services is run by local husband and wife team Greg and Sasha Stanworth. Greg, Sasha and the team are available around the clock to offer expert advice so that you have one less thing to worry about in the processing of purchasing your home.

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