FSA Announce Tighter Mortgage Lending For 2013
The FSA have announced today that there will be further tightening upon mortgage lending criteria, making it even harder for buyers to join the housing market and further halting hopes of a recovery.
If you are looking for a quick sale of your home then there seems to be no better time than now. Unfortunately by the turn of 2013 these new changes will result in an estimated 225,000 mortgage applications being turned down.
If you are looking to emigrate or move overseas then for the reason of applying for another mortgage thes changes won’t make a diference. However they will mean that less buyers will be able to purchase you home and allow you to move on quickly.
The changes will mean a firm abolishment of self certified mortgages, this is bad news and will make it very difficult for the self employed to attain a mortgage. Also, far tougher rules for those approaching retirement age. Another major concern of todays news is the stricht tightning of interest only mortgages. In the good old days it was as simple as freely choosing wether or not to pay down the capital or just pay the interest. By 2013 with largely capital repayment mortgages available buyers will get less for their buck.
At YouSellQuick we understand that many of you are in a situation whereby you our forced to sell your home. This may be due to ill health or divorce. We have a highly ethical way of purchasing your property which means that you won’t be losing out. If you are considering selling to a competitor or even through an auction, make sure you speak to one of our advisors first….
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