A rise in house prices in recent months, combined with tighter lending restrictions, is creating an even more challenging time for first-time buyers who are facing increased scrutiny from lenders, tighter criteria and a shrinking range of high loan-to-value (LTV) products. Just two mortgage deals remain available for applicants requiring a loan to value over 90%… a year ago there were more than 2,000.
Britain’s self employed, who make up 15% of the nation’s workforce, are also facing stricter rules when applying for a mortgage or re-mortgage. The economical affects of Covid-19 has seen banks and building societies requesting more information and documentation before they consider making a mortgage offer. Understanding what is expected in the current climate, and seeking advice when preparing your accounts and finances can make all the difference.
The role of the Independent Mortgage Adviser is therefore becoming critical – finding the right lender to fit someone’s exact situation is key.
Here at The Financial Planning Group we have over 25 years experience in providing specialist mortgage advice and we’d be delighted to help find the right deal for you.
Why not give Steve a call on 020 8614 4782 or e-mail Steve.Padgham@fpgonline.co.uk and take advantage of some very competitive deals.