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Anyone been approved for mortgage recently?
As the government has just bailed out the banks (indeed many governments have all over the world!!) and stipulated that they have to start lending to small businesses and mortgage loans, my question is has anyone out there in the UK been recently approved for a mortgage and if so, how much of a deposit did you have to have? Has house sales started moving again? Is now a good time to buy before house prices increase due to approved lending increases?
2 Answers
- 1 decade agoFavorite Answer
Everyone has their opinion, but I myself do not think the sky is falling.
To answer your question - I think now is as good a time as any to start looking. Lenders have tightened up, though if you don't stretch yourself on lending too much, and have a good deposit (10% ideally), you should be able to find yourself a bargain.
Rates are high, granted, but bear in mind, you are needing a considerably smaller loan than you would have done a year ago, were you to house hunt then. If you put yourself on a 2 or 3 year mortgage deal, you can take advantage of any potential rises in the property prices in years to come, though you should use your own judgement to work out whether or not the market has hit as low as it can.
My view is that if it hasn't yet, it will hit bottom soon.
Source(s): Mortgage Consultant of 5 years experience and access to the whole market. - 1 decade ago
I'm a Mortgage Consultant, I get people approved everyday. Its not as bad as the papers make out. The only real problems are the rates changing so regularly, but I can work with that!
Source(s): Knowing a thing or two about mortgages