Mortgage Broker – Approvals hit by Crunch
It’s never been harder to get a mortgage approved than it is today. The global credit crunch is taking its toll on lenders and consumers as confidence hits rock bottom. But as more homeowners reach the end of their fixed rate terms this year, more will be desperate for a mortgage broker to try and obtain a competitive rate – if they don’t, they could be landed with expensive variable rates. It’s been estimated that 2008 will see a doubling of home repossessions as a result of homeowners unable to afford the increase in their mortgage repayments. A mortgage broker can help find a more financially viable mortgage.
Mortgage broker for expertise
During financial difficulties, more people will need the expertise and specialist skills of a mortgage broker to help safeguard their homes. And for those people who want to exploit the housing slump and buy property as prices plummet, they will need a mortgage broker who can find them the most suitable mortgage for their needs. Self certification mortgages for example will be harder to come by as banks are reluctant to lend to people who are not a firm return. For those with a poor credit history or no regular proof of income, a mortgage broker can help.
2008 sees mortgage brokers in demand
It can be frustrating being turned away from the major banks, which is why a mortgage broker is important – they can scour the market and access thousands of financial products, ensuring they find the right one to suit you. Mortgage brokers will certainly be busy in 2008 as the number of mortgages granted to new home buyers has plunged to record levels as banks struggle with the credit crunch and potential buyers are nervous they may face higher mortgage rates. A mortgage broker can help navigate through the turmoil to find the most competitive rates so wannabe homeowners don’t have to loose out.
Mortgages get tough
Just 42,088 mortgages were approved in December 2007, the lowest figure since records began in 1997, according to the British Bankers’ Association. The figure marked the downturn the housing market is facing in 2008. But for those who can secure a competitive mortgage through a mortgage broker, it’s the perfect opportunity to buy a dream house at a rock bottom price. For many first time buyers – the housing slump is good news, even if existing homeowners are set to struggle.
Prosper Home Loans have the experience and expertise to obtain the best mortgage to suit your individual financial situation. Whether you are planning your first purchase, moving home, thinking about remortgage or debt consolidation, buying a second home, or perhaps considering a commercial venture, let Prosper help. Prosper has extensive experience in working with specialist self cert mortgage lenders, so if you’re looking for self cert mortgages or bad credit mortgages, email your query to: enquiry@prosperhomeloans.co.uk or telephone: 01424 712333 and find out how Prosper can help you.