Richard Pike, sales and marketing director at Phoebus Software comments on the dramatic effect lockdown has had on the mortgage market:

“It hit our sector hard and so too the finances of homeowners across the country.  With the recent rebound in the housing market it’s now time to look to the future. The stamp duty holiday is obviously having the effect that the government intended, but other factors are at play. Rising house prices mean rising deposits and a definite need for higher LTVs.  Although higher LTV lending is still taking place, deposits are being supported by family assistance much more and this is playing a huge role in getting people onto the property ladder. This could mean a further increase in equity release lending in the coming months. The clock is ticking and for people to take advantage of the stamp duty holiday – they do need to move fast in this seller’s market”.