Lenders are becoming stricter according to National Homebuyers
Lenders are still tightening their criteria and refusing to hand out loans to people with minor misdemeanours, spelling bad news for anyone seeking a fast property sale.
[UKPRwire, Fri Dec 28 2007] That is according to Equifax, which said that the effects of the global credit crunch will be felt for some time.
It is bad news for people looking for a fast property sale as it means that fewer people are able to get a loan for the purpose of purchasing a house.
"If you look at everybody there are a lot of people who would score quite highly and probably would still continue to get credit and then there are always those people that maybe already have a lot of credit and are a slightly worse credit risk or their credit file shows that they are not in a brilliant position," said Neil Munroe, Equifax external affairs director.
"Lenders will be tightening up and looking more at minor misdemeanour data that may well have been ignored in the past.
"There could be an increase in multiple applications in the new year as lenders dig deeper into people's payment history. Any negativity that might not have been a problem in the past might rise in prominence," he continued.
Fast property sale expert Julian King adds, "Fewer buyers means your property will not achieve its asking price.
"Prices are already dramatically overvalued and homeowners will get a shock when attempting to sell on the open market.
"We advise homeowners looking for a quick house sale to look at alternatives to the open market."
Mr King is a director of National Homebuyers, the UK's leading fast property purchase firm, guaranteeing to make an offer on any property in the UK, regardless of its condition or location for vendors who need a quick sale. The company also offers a Sell and Rent Back mortgage rescue scheme for homeowners who want to release equity in their homes.
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