29 Jul

People looking for houses for sale 'should seek mortgage advice'

People looking for houses for sale 'should seek mortgage advice'

Homebuyers looking for houses for sale have been advised to seek help from mortgage experts.

Chief operating director at Alexander Hall Andy Pratt told potential homeowners that the mortgage market is "more complicated" than it used to be.

He said that this could explain the 24 per cent rise in the number of people seeking mortgage advice in the first half of 2010 than during the same period previous year, which unbiased.co.uk reported earlier this week.

Mr Pratt stated that because lenders are being strict on who they lend money to, "the likelihood of acceptance on the criteria is higher".

He added that the increased inspections on credit history and background checks have left a lot of people "resorting back to financial advice".

Unbiased.co.uk also revealed that during the first six months of 2010, it received 45,000 enquiries for mortgage advice, while the same period last year only saw 36,000 queries.

The increase in the number people seeking mortgage assistance could have had a result on how many potential homebuyers have been accepted for loans, after the Council of Mortgage Lenders revealed earlier this month that 42,000 mortgages have been accepted in July - up 15 per cent in volume on the year before.ADNFCR-1222-ID-800008007-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.