Affordability is therefore becoming a big problem. Last year, FTAdviser reported throughout the year on advisers whose clients had been able to afford a property on the Monday morning and, by the end of the working week, the ever-changing criteria had pushed the property of their dreams out of their deposit's reach.
Yes, regulators and government have given some support to existing mortgage holders and buyers.
Yes, the prospect of a stamp duty land tax suspension on properties worth £500,000 and under until March 31 this year has potentially taken out some of the financial sting of buying a new home.
But many potential buyers who have built up great credit scores and sizeable deposits have still found themselves locked out. And the latest lockdown at the beginning of the year has not helped matters, either, despite the government allowing the housing market to remain open.
Simon Furnell, chief operating officer for Masthaven Bank, says: "This latest lockdown will further complicate the personal finances of a great number of borrowers.
"Specialist lenders should play to their strengths and continue to judge each individual case on its own unique circumstances, finding the right solution for each borrower."
That said, despite a tightening of criteria, all lenders have – at least in theory – remained open for business, despite the issues last year that continue into 2021.
Conor Murphy, chief executive of mortgage platform Smartr365 and Capricorn Financial Consultancy, comments: "Lenders have responded to the pandemic and the government’s requirements very efficiently and effectively. Lenders have personally contacted borrowers hard hit by the pandemic and put in place bespoke payment plans to assist.
"Additionally, it has been great that lenders have continued to lend to new borrowers, providing support for the market moving forward.
"While higher LTV products dropped off at the beginning of the crisis due to capacity issues caused by working from home and the new regulations, more High Street lenders have returned to the 90 per cent LTV market, which is good news for both the property sector and the wider economy."
So it pays to shop around to see which mortgage lender is prepared to lend at a higher rate – and whose products are time-limited deals, and whose are not.
This is where it really pays to get independent financial advice, rather than people going to just a couple of High Street lenders to see what sort of deals might be available.
Simoney Kyriakou is senior editor of FTAdviser
