Lenders being more cautious says National Homebuyers
Many homeowners will be seeking a fast property sale after a leading mortgage broker highlighted that lenders have become much more risk averse.
[UKPRwire, Mon Mar 03 2008] Ray Boulger from John Charcol pointed out that lenders are much more wary about lending to people in the wake of the global credit crunch.
This has led to many lenders pulling some of their mortgage deals and that means fewer people are able to get onto the property ladder.
The concern is that fewer buyers inevitably lead to falling house prices, meaning more people will be seeking a fast property sale.
"What we've seen progressively over the last few months is lenders pulling their riskiest deals," Mr Boulger told BBC Radio Five Live's 'Wake Up To Money'.
"So we have seen some lenders come out of the 100 per cent market in the past. Even a few have come out of the 95 per cent market.
"I think it's a move onwards in that trend for lenders to actually restrict their lending to some of their least risky deals," he added.
Fast property sale expert Julian King comments, "Fewer buyers means it will be harder for sellers to achieve a sale at the right price.
"Homeowners who need to sell quickly either to resolve finances or to purchase their next property should consider a quick property sale with a company like National Homebuyers".
National Homebuyers is the UK's leading fast property purchase firm, guaranteeing a fast sale in a matter of days. The company is also a leading provider of Sell and Rent Back solutions for homeowners looking for a mortgage rescue solution.