Problems for Remortgage and Mortgage Borrowers Need Not Deter Them
Election Day has come and gone and the same problems that were haunting the housing market are still there. Any changes that were promised will take time to implement and still then the goals will be deterred by new developments no one saw coming. Those seeking to buy a home and those homeowners seeking remortgages will still be facing the difficulties of yesterday despite the outcome of an election.
Borrowing is cheaper than it ever has been for decades upon decades, yet it isn’t easy to get a loan. Lending has become tighter in an attempt to protect both the borrower and the overall economy. New regulations put into effect over a year ago require the borrower to offer in-depth details as to their spending and saving habits to allow a better picture of whether they will be capable of affording a mortgage or remortgage. Stress tests are even involved to help determine if they can afford the loan once interest rates increase from their current low levels.
The good news is that there are plenty of experts and those qualified to offer financial advice available to those facing roadblocks or having difficulty. Brokers can be very helpful as they work with many lenders and will know which ones will be willing to work with those that have complicated situations to overcome to getting approval. They also have access to broker-only offers from lenders which could offer greater savings.
More so, there are programmes in place to help first time buyers and home movers to get approvals with less of a deposit or less equity in place. The programmes are in place to assist and should be looked into for those hoping to buy or move home.
Lenders are currently in a competitive mode and that could be helpful in gaining the attention of the right lender that has the deal you want. Be willing to do some homework and find out what they need from you and go in ready to supply the data and information needed. There are cheap remortgage and mortgage deals available and those wanting them should not be put off but continue to strive toward their goals.