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Wanting a Mortgage?

Enable’s experienced Independent financial Advisors in Bishop’s Stortford can see why many lenders expect the proportion of mortgages approved to fall significantly in the third quarter of this year.

Tighter checks on borrowers as a result of the Mortgage Market Review and a tightening by some lenders on loan-to-income ratios on larger loans have been given in a recent Bank of England credit conditions survey were given as reasons for the fall in approvals in the next three months.

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Lenders also expect more tightening on LTI ratios over the next three months, which will also have3 an effect although they also expect the availability of mortgage credit to fall only slightly.  The survey says: “Lenders again expected the approval rate to fall significantly in Q3. Some lenders noted that changes introduced as a result of the Mortgage Market Review might reduce approval rates somewhat. “In addition, some lenders suggested that a tightening in lending standards on large loans with high LTI ratios may also push down their approval rate a little.”

Mortgage Advice Bureau head of lending Brian Murphy says: “Wider availability of credit is a welcome sign that the mortgage market is returning to normal and it would be a travesty if this over-due pickup after years of stagnation is quashed by over-eager efforts to keep house prices in check.”

If you want to review your mortgage or are looking at taking out a mortgage Enable IFA’s are here to talk you through your options.

Your home could be at risk if you do not keep up the repayments.

Issued by: Enable Independent Financial Life Planners
25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 – Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.

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