Mortgage – Uh-oh, mortgage lenders are becoming overwhelmed again
Borrowers are having trouble arranging new mortgages as lenders struggle with demand and Covid-related staff absences.
Banks are finding it hard to cope with the surge in buyers who are trying to complete before the stamp duty holiday ends on March 31.
The broker Accord had to withdraw all of its residential products for borrowers with 20 and 25 per cent deposits because of staff shortages. The products will be back on Thursday.
Accord said that its headquarters in Peterborough, where most of its underwriters are based, had a “small number” of staff who had tested positive for Covid-19.
Jeremy Duncombe, the managing director at Accord, which is owned by Yorkshire Building Society, said: “Our priority has always been the health of our colleagues, so