Lenders want to lend,
but in some cases are not able to, even to existing customers! Those
who already have a mortgage, but took out their original loan before April 2014
(Mortgage market Review!) may not pass the same lenders new
criteria. Reasons can include, original borrowing on a multiple
of income, age, small equity levels in property. Lending rules
have changed dramatically and more stringent measures are in place,
as well as tougher reporting to the regulator. Lenders have to be sure the
customer can afford their mortgage for a number of years ahead and stress test
against possible rate rises. Seek professional advice if you are concerned or
are looking for an alternative lender as some might be considered to
be hiding behind the rules!
I
was surprised to see that an increase in housing supply has led to
two-thirds of homes selling for less than their asking price in July according
to the National Association of Estate Agents. They report an 11% increase in
the average number of properties for sale per branch last month from 46 to 51,
the biggest increase seen in three years. However, increasing supply
and declining buyer registrations (possibly as a result of the above
restrictive mortgage options) resulted in around 66% of homes sold last
month failing to meet their asking price.
Products
though continue to increase and one of the fastest growth markets seems to
be in the Ex-Pat sector. A British Ex-Pat in good employment is favoured by a
growing number of lenders who are willing to provide a mortgage to help them
obtain a Buy to Let property in UK UK and where their family, usually off-spring,
will reside pending their return to UK
We
are finding that criteria is the key to unlocking lenders appetite and you will
not find this on most, if any, of the popular web-site offerings. Talk to your
local professional mortgage adviser who will know how to access this important
information quickly for you.
No comments:
Post a Comment