3
Aug
People looking for houses for sale 'should seek mortgage advice'
Homebuyers looking for houses for sale have been advised to seek
help from mortgage experts.
Chief operating director at Alexander Hall Andy Pratt told
potential homeowners that the mortgage market is "more complicated"
than it used to be.
He said that this could explain the 24 per cent rise in the
number of people seeking mortgage advice in the first half of 2010
than during the same period previous year, which unbiased.co.uk
reported earlier this week.
Mr Pratt stated that because lenders are being strict on who
they lend money to, "the likelihood of acceptance on the criteria
is higher".
He added that the increased inspections on credit history and
background checks have left a lot of people "resorting back to
financial advice".
Unbiased.co.uk also revealed that during the first six months of
2010, it received 45,000 enquiries for mortgage advice, while the
same period last year only saw 36,000 queries.
The increase in the number people seeking mortgage assistance
could have had a result on how many potential homebuyers have been
accepted for loans, after the Council of Mortgage Lenders revealed
earlier this month that 42,000 mortgages have been accepted in July
- up 15 per cent in volume on the year before.