MBL: Mortgages & the Pandemic

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 19 May 2021

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

Buying a house with a mortgage is one of the biggest commitments we make in life.

The pandemic has seen households managing lower, unpredictable incomes with furlough and government grants on offer. What effect has that had on lenders and their decisions to approve or decline applications? If you’re trying to get one or switch to a better deal - how are you finding it? What new mortgage products are banks and building societies now offering borrowers?

Charmaine Cozier is joined by: Runouska Dass, Independent mortgage broker Keith Barber, Director of Business Development, the Family Building Society

Producer Smita Patel Editor Alex Lewis

Transcript

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0:00.0	In Northern Ireland, from the late 70s to the early 90s, the IRA killed over 40 alleged informers.
0:08.0	But the man who often found, tortured and sometimes killed these people on behalf of the IRA
0:12.0	was himself an informer, a secret British army agent with the codename Stakeknife.
0:18.0	Who gets to play God? And why me? Why my family?
0:21.3	When lies are still being told to this day, who do you believe?
0:25.1	I wouldn't even know where to start.
0:26.7	And I'm with the IRA.
0:28.5	Steakknife.
0:29.7	Listen first on BBC Sounds.
0:33.8	BBC Sounds, music, radio, podcasts.
0:37.4	Welcome to the download of Moneybox Life, the programme about your money.
0:41.5	And today it's about the biggest financial commitment many people will make, mortgages.
0:47.1	Low rates and a stamp duty holiday have powered demand for them in the UK.
0:51.5	However, for others, unpredictable working and earning patterns caused by the
0:55.7	pandemic have delayed and even dashed their hopes of buying a property, switching to a new lender
1:01.1	or remorgeting for home improvements. Joining us to discuss is Renuska Das, an independent
1:07.3	mortgage broker. Hello, apart from first-time buyers, what other mortgage inquiries are you getting?
1:13.5	Along with first-time buyers, we're having home movers,
1:15.5	so those selling their existing homes and buying their onward next homes.
1:19.5	And equally, lots of people who are renewing or reviewing their existing rates on their mortgages.
1:27.4	So those who are looking at
1:29.1	remorgeting and finding a better deal. Okay, well, let's hear from Heather who contacted us earlier.
	...

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