Mark Hayward

NAEA Propertymark calls for 'pragmatic approach' from lenders following advice on home moving

NAEA Propertymark encourages lenders to take a “pragmatic approach” to the government’s advice on home moving.

Yesterday, the government advised there is no need to pull out of transactions, but everyone should adhere to social distancing guidance.

Mark Hayward, chief executive at NAEA Propertymark (pictured above), was happy that the government clarified their advice on home moving after “some previous mixed messages.”

“The new advice does enable some moves to take place, but under prescribed conditions.

He added that lenders should facilitate extensions on mortgage offers.

The government is agreeing with banks that mortgage offers should be extended in the event of completion delays, to prioritise safety.

In the new emergency enforcement powers that the police have been given, there is an exemption for critical home moves, if a new date is unable to be agreed.

“Agents should nurture any deals that are currently agreed and keep both buyers and sellers informed as the situation develops,” said Mark.
“Health and safety are imperative, so we urge anyone who can stay home to do so.”

Leave a comment