This year has been a pivotal turning point for many...
Mortgage accessibility at highest levels since 2014
There’s good news for those looking to get on the property ladder this year as obtaining a mortgage is now the easiest it’s been in three years.
New figures from the Intermediary Mortgage Lenders Association, or IMLA, found that mortgage brokers have experienced very few problems when sourcing products for their clients. In fact, mortgages are now the most accessible they have been since 2014.
IMLA discovered the following during their research:
- Up to a third of brokers have found no issues when sourcing mortgages for clients during the last 6 months of 2016 – an increase of 6% when compared to the first half of the year.
- In 2015, IMLA found only 16% of all brokers experienced no problems when sourcing mortgages for their clients, meaning this figure has doubled during the space of 12 months.
According to IMLA, this also appears to be the case for those outside of the typical mainstream mortgage market. Brokers stated that self-employed clients or those with irregular incomes had a better chance of securing a mortgage, as client approvals outside the mainstream market grew from 50% to 75% in 2016.
This was a similar case for clients looking for interest only mortgages. Numbers for those unable to secure a mortgage fell from 52% to 31%, and those looking for mortgages lasting during retirement saw a boost of a 14% approval rating.
Better lending conditions and low interest rates are believed to have played a part in the favourable figures. Thanks to a thriving property market, mortgage conditions are continuing to improve, making it much easier for the average property buyer to secure their new home.
If you’re looking for a new property and are seeking financial advice, contact Expedite Finance today. We can search the market to help you find the best deal for you, no matter what your personal requirements. To speak to one of our advisers, call us on 0800 2012 100.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Source: https://www.estateagenttoday.co.uk/breaking-news/2017/4/good-news–easier-to-get-mortgages-now-than-any-time-since-2014 – On clicking this link you will leave the regulated site of Expedite Financial Services Ltd. Neither Expedite Financial Services Ltd, nor Sesame Ltd, is responsible for the accuracy of the information contained within the linked site.
For mortgages, we can be paid by commission from the lender and a client fee of £395 paid on completion of the mortgage.