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It's not all bad news for homeowners
Figures released by the British Bankers Association (BBA) show that new mortgage approvals for house purchases were up on the October figure of 44,321 to 44,811. Remortgage figures remained more positive as homeowners remained in their current property but changed mortgage providers or switched to another deal with their existing lender.
Many finance analysts are predicting further interest rate cuts as pressure increases on the Government to keep the current position under control and to avoid any further dents in confidence in the housing market. The number of equity release deals, where equity is released from their property, by older homeowners, have slowed down.
Many feel the buy to let market will not necessarily collapse as some have predicted due to the sheer volumn of tennants who will be unable or unwilling to take out a mortgage. The numbers of unsuccessful mortgage applicants with bad credit are likely to increase as lenders tighten their criteria forcing more in to rental agreements and for lnger periods. The Council of Mortgage Lenders revealed that during the past year the number of buy to let landlords have outstripped first time buyers for the first time since records began with a total of 340,000 mortgages against 300,000 successful first time buyer mortgages.
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Your property may be repossessed if you do not keep up repayments on your mortgage.
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Grovelawn Financial Services is a trading style of Grovelawn Limited
Grovelawn Limited is Registered in England & Wales number 5030300. Registered Address: 98 Station Road, Sidcup, Kent, DA15 7BY.
Consumer Credit Licence Number: 573287