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Lenders silent as Brexit fallout rumbles on

  • 27/06/2016
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Lenders silent as Brexit fallout rumbles on
Lenders have so far failed to communicate to their mortgage intermediary partners following the UK’s decision to leave the European Union, brokers say.

Despite the impact on the property market and the wider economy still being relatively unclear, advisers say that they have not received any notification of recognition from lenders after the UK’s vote to depart from the single market on Friday.

Robin Purdie, director at Mov8 Financial, said lenders have ‘gone to ground’ since the unexpected vote result was made known.

“We’ve not had a single piece of correspondence from the lenders whatsoever, but from what I gather speaking to other brokers that seems to be across the board. Even just for general case-related queries it wasn’t particularly easy to get hold of any BDMs on Friday.”

Purdie said there needed to be at least some recognition from lenders that the market was entering a further stage of uncertainty.

Mark Dyason, director at Edinburgh Mortgage Advice, has also received no direct communication from lenders, but explained that Santander had a specific option on their telephone support line for queries about Brexit.

However, he noted that lenders were unlikely to know their stance until a degree of certainty filtered through to the market.

“There’s still a little bit of shock among all of us and everyone looking at each other wondering ‘what’s next’. The country needs some leadership first of all before we can even decide which direction we’re going to take,” he added.

“I think it’s fine for lenders to take a pause as the news sinks in, but I would expect banks to release some sort of statement really by the end of the week.”

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