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  • Mortgages | Red Hot Property
    is certainly more property for sale now than for a very long time However it is not all plain sailing for the buyer Despite the incredibly low interest rates gross mortgage lending is at an all time low It appears that the banks are very wary of who they will lend to and what they will lend against This delicate economic climate has made lenders very cautious and the result is a stagnating market My advice to anyone thinking of buying their next home is to focus their attention on their funding first It doesn t matter how many homes you have bought or sold in the past lending conditions are not as they were Lending criteria is far stricter than the free for all of the boom period with low deposits self certifications and multiple times salary deals a very distant memory You may be surprised at how little the banks will actually lend you According to myintroducer com 84 of first time buyers now rely on their parents to assist with a deposit It is not unusual to find deals that require 25 and 30 as an expected put down Lesser deposits result in higher rates and stricter associated rules These days if your credit rating is not squeaky clean and your income is not cast in granite for the next few decades you may have to jump though hoops This stricter approach from the banks has also had a knock on effect for sellers Once a sale is agreed the banks send in a surveyor to ensure the sale value is realistic Their interest is to guarantee they don t lend too much against a property just in case they have to repossess In addition the conveyance process has slowed due to the greater degree of scrutiny

    Original URL path: http://www.redhotproperty.co.uk/tags/mortgages (2016-02-08)
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web-archive-uk.com, 2016-10-22