The mortgage market is under extreme pressure despite remaining open during the third national lockdown, according to Kate Davies, executive director at IMLA.
Davies details that the mortgage market remains under a large degree of pressure due to the high volume of buyer applications, which are attempting to complete before the stamp duty deadline.
She said: “Lenders, intermediaries and conveyancers are battling to work through the volume of transactions as the stamp duty deadline approaches.”
Davies advises that buyers must remain realistic, and explains that if they exceed the deadline set on 31 March they will be liable to pay Stamp Duty Land Tax.
IMLA has detailed that consumers must manage their expectations, however, with the imposition of a third national lockdown, this is likely to cause disruption for some buyers.
Davies said: “There have been many calls on the government to consider some form of extension or tapering of the stamp duty holiday, giving buyers the breathing space they need to complete their house purchase before the deadline.
“Surely the time has come for the government to respond and ease the pressure on the system.”