Update from Legal & General Mortgage Club

Impact of the pandemic threatening homebuying plans- what brokers need to know

The Mortgage Lender (TML) have undertaken research into the impact of the pandemic on the nation’s finances and considered the effect that the last two years have had on individual’s ability to access finance in order to buy property or re-mortgage. They found that three quarters of those planning to buy a property in the next year saw their income reduce or job become more volatile.

It’s no surprise that the pandemic has affected jobs in the UK. From the furlough scheme helping to support millions unable to work in their industries, to the ‘Great Resignation’ currently ongoing as many look to switch careers after two years of lockdowns and restrictions. According to our research a quarter (24%) of the UK workforce has experienced some job volatility since March 2020. Some experienced job changes, a significant proportion were furloughed, and others lost their job altogether. A large proportion, around three fifths of those who experienced job volatility saw their income shrink since March 2020.

Find out more here.