# Are Financial Pandemic Restrictions Coming to an End? Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2021-09-08 Category: FINANCE Category URL: https://financedigest.com/category/finance Meta Title: 'Will Lenders Continue to Relax Covid Restrictions?' Meta Description: Discover the latest mortgage and commercial lending trends from Buckinghamshire Building Society, Chorley Building Society, Virgin Money, and more. Stay URL: https://financedigest.com/are-financial-pandemic-restrictions-coming-to-an-endhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/storyblocks-indian-female-lawyer-working-on-computer-with-face-mask-onb3gwbucjtp-sbi-346270200-1736837930351-compressed.jpg) ![](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/ukpf-logo-square-1-1736837930286-compressed.jpg) The volatility of the times we are currently living in makes it difficult to make any concrete predictions; nobody really knows what the autumn or winter months may bring, perhaps a return to life in lockdown, complete with homemade haircuts and bedraggled beards. More lenders on and off the High Street are edging towards the relaxation or removal of many of their Covid related restrictions; at least in terms of marked changes to their borrowing criteria, enabling more applicants to qualify for their products than at any time over the past 18 months. For example Buckinghamshire Building Society made a huge adjustment to its minimum income requirement for BTL commercial mortgages at the end of June, having previously demanded a minimum income from applicants of £35,000, this was reduced drastically to 25,000. Around the same time, Chorley [Building Society introduced its first 95% LTV product with just a 5% deposit requirement](https://www.financedigest.com/whats-required-of-accounting-to-build-a-better-tomorrow.html "What’s required of Accounting to build a better tomorrow"). Elsewhere, Virgin [Money and The Mortgage Works](https://www.financedigest.com/working-with-both-human-ai-and-graph-technology-to-combat-money-laundering.html "Working with Both ‘Human’ AI and Graph Technology to Combat Money Laundering") both increased the maximum LTVs on their own BTL Mortgage Products. The momentum carried through into July, when [Bank of Ireland introduced its new ‘green’ BTL mortgages and YBS Commercial Mortgages loosened its lending](https://www.financedigest.com/post-crash-banking-regulation-is-transforming-the-world-of-corporate-lending-for-the-better.html "Post-crash banking regulation is transforming the world of corporate lending – for the better") criteria. Over at Kensington, restrictions were removed that had previously accounted many freelancers out of the running for a mortgage. Later that month, Halifax rolled out an increase to its maximum loan size across all [first-time buyer](https://www.financedigest.com/answering-the-nations-first-time-buyers-questions.html "Answering the Nation’s First-time Buyers Questions") and home mover products with an LTV of 85% to 95%.  It is now possible to borrow up to £750,000 with a low deposit requirement. This was followed shortly by an announcement at Aldermore that restrictions would be relaxed on self-employed [mortgage applicants for commercial purchases](https://www.ukpropertyfinance.co.uk/mortgages/calculator/commercial-mortgage-calculator/) or BTL home investments. As prior to the pandemic, it would subsequently only be necessary for the applicant in question to have been [operating as a sole-trader for just one year](https://www.financedigest.com/glastons-interim-report-1-january-31-march-2018-orders-received-grew-23-comparable-operating-profit-at-previous-years-level.html "Glaston’s Interim Report 1 January – 31 March 2018: Orders received grew 23%, comparable operating profit at previous year’s level") to qualify. Does this mean that this positive [momentum and collective liberal attitude is set to continue](https://www.financedigest.com/workday-continues-momentum-across-europe.html "Workday continues momentum across Europe")? The answer as with most things right now, remains uncertain. [Banks’ lending](https://www.financedigest.com/imf-and-the-national-bank-of-belgium-sign-sdr-350-million-borrowing-agreement-to-support-lending-to-low-income-countries.html "IMF and the National Bank of Belgium Sign SDR 350 million Borrowing Agreement to Support Lending to Low-Income Countries") decisions and general qualification criteria are based on a multitude of factors. Examples of which include the wider employment situation in the UK, Bank of England base rates, [consumer spending and the immediate/long-term financial](https://www.financedigest.com/50-of-consumers-wont-spend-more-than-20-minutes-applying-for-financial-products-online.html "50% of consumers won’t spend more than 20 minutes applying for financial products online") outlook. As it is currently impossible to predict what the [next few months](https://www.financedigest.com/ferry-industry-celebrates-fifth-successive-year-of-growth-for-car-travel-by-sea-and-four-new-ships-launching-in-next-twelve-months.html "Ferry industry celebrates fifth successive year of growth for car travel by sea And four new ships launching in next twelve months") will bring, there are no certainties with regard to potential lending restrictions. Anyone looking to apply for any mortgage or commercial product of any kind right now is strongly advised to consult with an independent broker like [UK Property Finance](https://www.ukpropertyfinance.co.uk); all major borrowing decisions should be carefully considered with emphasis on flexibility and guaranteed affordability. **This is a Sponsored Feature** --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---