In recent times we have received much information and comment about how the banks and other lenders are meeting the need to keep that “bottom line” respectable.
After meeting the challenges around the Covid-19 crisis and heading towards the middle of the winter lending season, one might think that business was a little slower.
Is that the case?
With the flight to security as provided by bank deposits, it is probable that there is money to lend. With the fear of job losses and company closures - and the uncertainty around the continued containment of the virus – assessing that loan application has become a much more rigorous task, resulting in many applications being denied approval.
And, the need for lenders to continue to contain expenses has seen some interesting moves of late. In recent weeks there have been a number of bank branch closures announced. Indeed, most of the information that financial advisers and others receive now is “digitally”, that is by email or other digital information avenues.
One major bank has very recently announced that its interest rates are the same for all borrowers, rather than the usual “special rates” for those with strong applications. Another bank has indicated that the significant number of new loan applications has meant an increase in the time taken to produce a decision.
So, yes there is plenty of lending competition out there and the banks tell us that branch closures are part of customers moving more towards and becoming more accepting of digital communication with them.
So, can we get our home loan through this new form of “cheap” communication without the need to talk to someone? Many commentators certainly don’t think so and we at Thompson McNeill don’t either.
So, if you want to talk your application through please call us on (03) 281 8605 or email: