Self Cert Mortgage Advice as Bank Approvals stay Weak
In late 2007, the BBC reported that bank mortgage approvals were weakening – a trend that is continuing well into 2008 and looks set to stay. Self cert mortgages are harder than ever to find. But if you contact a specialist self cert mortgage broker you can sidestep the misery. Self cert mortgage brokers can help navigate you through the ever-trickier waters of mortgage approvals.
Self Cert Mortgage Approvals
The British Bankers Association reported at the end of 2007 that mortgage approvals were 40% down from the previous year. Part of the reason for the drop in approvals for self cert mortgages, bad credit mortgages, remortgages and other mortgage products has been put down to the increased debt individuals are struggling with. Taking on a self cert mortgage, especially one that has high rates is simply not affordable for many; however, it is possible to find competitive rates by employing a specialist self cert mortgage broker. Self cert mortgage brokers have access to hundreds of financial products and can ensure they find the best deal available to you.
Self Cert Mortgages – Lower demand, tighter supply
The other reason mortgage approvals dropped, including self cert mortgages, is because mainstream banks have put up their rates and tightened their lending criteria to safeguard their profits from the credit crunch fall-out. Lower demand and tighter supply are the two reasons why mortgage approvals are continuing to drop. But for those people who want to exploit the decreasing property prices and buy their dream home, or snap up property bargains in 2008, it is possible to get competitive self cert mortgages. A self cert mortgage broker is the easy way of ensuring you find the right product – they do all the hard work for you, scouring the market for the right mortgage package.
House prices at record lows
Uncertainty in the financial markets may be driving the tightening of mainstream lenders’ belts, but the up-side of the credit crunch is the fact that many first time buyers can now afford to get their foot on the ladder. House prices haven’t been so low in over a decade. If you want to buy a home now, for whatever reason, a self cert mortgage from a specialist broker could be the answer to your property ambitions.
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.