The latest data from the British Bankers Association shows that lenders’ increased scrutiny has slowed down mortgage approvals for the third month running – with remortgage approvals at their lowest level since November 2006.
Industry experts feel that banks and building societies have become increasingly reticent about positive income assessments when considering applications until the results of the FCA’s ongoing Mortgage Market Review are known, and I the meantime, potential home buyers are suffering.
The current reduced activity in the housing market has been caused by several factors; affordability stress testing by lenders, rising house prices, as well as last years second property and buy to let tax increases, however, by using the right mortgage broker, you may avoid any application disappointments.
Here at The Financial Planning Group, we pride ourselves on being to offer our clients mortgage products from the whole market, which opens up so many more options and offers – we have more than 24 years experience in helping families find the perfect low-rate deals and ensuring that the financial side of moving home is as stress free as possible.
Mortgage rates remain at historically low levels, and with our help, those looking to take out a mortgage or remortgage are in a strong position to secure loans to value deals of up to 95% and medium term fixed-rate deals from 2.69%, which could prove a very attractive proposition for many families.
If you would like to speak about your mortgage or re-mortgage, and secure one of the record low deals that are currently available, please feel call Steve Padgham on 020 8614 4782 or email Steve.Padgham@fpgonline.co.uk