SELL YOUR HOME QUICKLYMortgage approval rates not yet set to improve
The Council of Mortgage Lenders (CML) has said that a recovery in the mortgage market will be some time in coming, the BBC has reported. The statement followed the release of latest home loan figures, which revealed that the number of mortgages for property purchases in May remained low – just 52 700. Although this figure was a slight improvement on April’s stats, it revealed that an improvement in the market would not occur in the foreseeable future.
Speaking to the BBC, CML director general, Michael Coogan, confirmed this fact. “Lending levels continue to be lower than last year and any recovery is still some way away,” he said. Home loan figures were 44 percent lower last month than they were in May last year. Furthermore, the number of remortgages in May was 14 percent lower than in April, and 23 percent less than in May 2007.
The CML believes that the situation is likely to get worse before it gets better – and that first-time home buyers are expected to suffer the most, the BBC reported. These buyers will need to find the largest deposit for their purchases, and will also require good credit ratings in order to qualify for mortgages.
For you, the home seller, this isn’t good news either. If you need to sell your home quickly, yet people are failing to qualify for mortgages, you’ll struggle to sell your property. That’s why you need to contact MPG, the property buying professionals. We’ll purchase your property in just 1 week, guaranteed. We don’t have to wait for mortgage approval or find the necessary funding – as cash buyers, we’re primed to purchase at any time!
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