Mortgage Approvals At All Time Low
Mortgage Approvals At All Time Low
Mortgage Approvals At All Time LowFigures just released show that the number of mortgages accepted by the top UK lenders was down yet again in the last month. The latest figure shows that a third less mortgages were agreed than in January as the housing market continues to grind to a halt. There are less properties on the market and vendors are holding out for the best price, meanwhile the only buyers in a position to move are those that can afford large deposits and have excellent credit records. First time buyers are finding it hardest and with an interest rate hike believed to be in the offing (experts are predicting three separate rises of a quarter of one per cent before the end of the year) the fear factor is taking hold again. For many, releasing the equity in their property is the best way out of financial problems, but with house prices facing an inevitable tumble, millions could face losing out to the tune of thousands of pounds if they let their property go for less than they need to clear their debts. Even if they do manage to sell, they may be faced with problems when it comes to getting a mortgage on their new property and find much of their equity swallowed up as lenders demand more by way of a deposit. One thing is for sure, if you have a bad credit rating, now is as tough a time as any to apply for a mortgage. There is another option and that is to retain the security of your main asset - your home - and look at unsecured borrowing. An unsecured loan can be obtained - even if you have a bad credit rating. The key is knowing where to look. Bad Credit Loans are now a popular product on the personal financial market and mean that you can solve your financial problems in the short term without jeopardising the investment in your family home.