subject: Mortgage approval rate remains subdued – Now what! In Reading [print this page] Mortgage approval rate remains subdued Now what! In Reading
According to the stats 100,000 fewer mortgages are going to be approved in 2011 than the previous year. Strict mortgage criteria, unstable job market and fear of repossession have kept property market down. If the mortgage approval rate falls further, the situation won't improve much in near future.
The property market is not in a good condition now and such forecasts would make the situation more uncertain. Already there are more sellers in the market than buyers; if mortgage approval rate goes down the situation will remain same, if not worse.
Distressed homeowners who are trying to sell their properties in the open market would find it more difficult to get a buyer. Instances of delays and broken chain will continue in the coming year leaving sellers in a helpless condition.
And there is no solution to this problem as this is not an isolated issue. You cannot change the policies. You cannot blame the estate agents for not being able to get you a buyer because it is not in their hands at all. Even if they connect you with a buyer and the buyer agrees to purchase your home, there is no guarantee whether the buyer would be able to get mortgage.
The only feasible and realistic solution is to contact the cash buyers who are ready to purchase your properties by paying instant cash. Property buyers are investors; they do not rely on mortgage to purchase any property. No matter whether banks will grant lesser number of mortgages or introduce stricter criteria, cash home buyers can always offer you a quick deal in 7 to 10 days.
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Stop Home Repossession helps people avoid repossession by showing them ways to sell house quickly. Selling home fast is an easy way of stopping repossession. Mortgage borrowers and troubled homeowners can stop house repossession by selling house quickly to the cash buyers.
