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Springtide Capital Business Update 18th August 2020 In changing times, we remain here to support you A message from Henry Knight, Managing Director of Springtide Capital As the situation in the UK continues to evolve post Lockdown, I hope this communication finds you safe and well. After months of disruption due to the challenges of dealing with the pandemic, the expected news was confirmed that the UK is now in a recession and the economic outlook continues to remain unpredictable. Significant changes have been announced by the government over recent months, aimed to boost the housing market and in turn have positive knock-on effects for the wider UK economy. These include the suspension of stamp duty on residential properties between 8th July 2020 to 31st March 2021, on properties below £500,000; the £2 billion Green Homes Grant scheme; the extension of the Help to Buy scheme and radical reforms to the planning system to name but a few. This has had a positive effect and combined with a number of other external factors encouraging people to move home we are seeing a fast-moving market again in the UK. July has been an incredibly busy month, with activity returning to pre-COVID-19 levels. Demand for mortgages is healthy, and whilst lenders are keen to lend, they face operational challenges that are inhibiting their return to high LTV lending. Many of their staff are still working from home and some remain redeployed from their usual roles into key areas such as servicing the huge demand for the mortgage holiday scheme. Some overseas call centres also remain closed due to the pandemic. There is also a level of caution in the market due to the changes we have seen over the last three months regarding the economic outlook and responsible lenders need time to take these changes into account. Our experienced brokers have a comprehensive knowledge of the changing market and are here to help you with any queries you may have. We are pleased we have managed to keep our communication channels open and have seen no disruption to the services we provide to our clients throughout these challenging times. I would like to take this opportunity to thank my team for their ongoing commitment and the positive ways in which they have adapted to a new way of working. If you have any questions relating to a new or existing mortgage, please do not hesitate to get in touch with your usual contact here at Springtide Capital. Regards, Henry Knight Managing Director, Springtide Capital London 020 8154 7280 info@springtidecapital.com
Springtide Capital Business Update 3rd April 2020 Recent announcements-we are here to help you make sense of the evolving market A message from Henry Knight, Managing Director of Springtide Capital In the current environment, where situations are changing almost daily and there is a high volume of information being published, I wanted to address some of the most talked about topics in the current mortgage market. Payment holidays: The money you save from a payment holiday will need to be paid back at some stage during the lifetime of your mortgage and are specifically aimed at those that find themselves in financial difficulty. We encourage you to speak with one of our experienced brokers and we will help you understand the pros and cons specific to your mortgage. It is important that you understand the potential implications and all your alternative options. Valuations: In the current climate, the way in which valuations are carried out has understandably changed significantly. There are lenders in the market who can carry out automated valuations/desktop valuations with qualification being determined through various factors within your mortgage application. Speak to your Springtide Capital broker who will be able to advise. Bank lending: Alongside recent announcements there are many news stories circulating and information is changing regularly. I can assure you that banks are still lending, even though they are under huge administrative pressure due to payment holiday requests significantly affecting their operational capacity. But there remain ways forward. As an example, this week a client buying a property in London had applied through their bank directly and the bank required a physical valuation on the property due to the property value. Their bank did not offer automated/desktop valuations at this purchase price. The applicant was referred to a Springtide broker, who managed to place their application with another lender who were able to assist and the automated valuation has already been carried out and passed. In these difficult times, you can be assured that our experienced brokers remain here to help you with any queries you may have. Please feel free to call us and please feel free to share this message with any friends/family/colleagues that may also be interested in having a conversation with us. We are here to support you. Regards, Henry Knight Managing Director, Springtide Capital London 020 8154 7280 info@springtidecapital.com |
How we are continuing to support you 20th March 2020
A message from Henry Knight, Managing Director of Springtide Capital
As the situation surrounding Coronavirus (COVID-19) continues to change at pace, I am very much aware of the uncertainty this challenge is causing for both individuals and businesses. Please be assured that we are taking all necessary steps to make sure we are prepared as we take measures to support the people who need our services, work closely with the wider mortgage community and help keep our team safe and healthy at this challenging time.
In light of government guidelines, we have initiated home working. Our systems and processes are in place and our staff have the tools they need to be able to work effectively. Keeping our communication channels open is a critical step to ensure that we can all manage this transition with clarity. We expect little disruption to the services we provide to our clients. Please continue to use the same telephone numbers and contact points as previously.
We continue to closely monitor the developing situation, while at the same time making sure we provide the appropriate support that is needed as we all adapt to the current circumstances.
If you have any questions relating to a new or existing mortgage, please do not hesitate to get in touch with your usual contact here at Springtide Capital and be assured that we are here to help and support you.
Regards,
Henry Knight
Managing Director, Springtide Capital