Halifax withdraws mortages offered through brokers
Halifax has announced that it has withdrawn the majority of the mortgages it offers through brokers due to a lack of processing resource amid the coronavirus pandemic.
Lenders across the UK are currently struggling with a flurry of customer inquiries, difficulties with valuations and legal uncertainty.
This morning, Halifax issued a statement to all mortgage brokers saying that the bank would “no longer offer any mortgages with a “loan-to-value” of more than 60%”, meaning that only buyers who could provide a 40% deposit will qualify for a mortgage loan.
The lender, which is the UK’s biggest mortgage provider, has also withdrawn all first-time buyer loans, The Guardian reports.
Halifax said: “Our priority remains the wellbeing of our colleagues and customers and we’re closely monitoring the developing situation and continue to follow official guidelines.
“This has had a direct impact on our available processing resource and we have therefore withdrawn new mortgage and remortgage products across our residential range with a loan-to-value ratio of over 60%.”
The lender said the mortgage withdrawals apply across its Halifax Intermediaries, Scottish Widows Bank and BM Solutions brands.
A spokesperson said that customers can still apply for a mortgage directly online with Halifax and Lloyds Bank.