Mortgage offers, which banks are lending mortgages? Where can I get a mortgage? Which lenders offer the best deals? What bank will make me a mortgage offer?
So, as we stand at the moment; property prices are falling and are likely to do so fro some time; banks are extremely reluctant to make any mortgage offers to anyone unless they have a large deposit or substantial equity and lending criteria are likely to tighten as the mortgage market loosens. Shopping around is pointless and you would be better off getting a quote from one of the mortgage brokers who can be contacted through the quote form and most likely know where to find a lender prepared to look at your mortgage application and make an offer.
Start of article about obtaining a mortgage.
Every time you apply for a mortgage and are declined you leave a trail that is known as your credit footprint. Mortgage lenders can access this centralised information and see where you have applied and been denied a mortgage. This enables lenders to see who and why you have been declined and is not good news for anyone shopping around.
A mortgage broker will normally approach a lender that he believes will entertain making a mortgage offer and provide your financial credentials without providing your name and address. In this way, he can ascertain whether or not you may get accepted or declined without contaminating your credit footprint any further. So, whilst you may be declined by the first five lenders and accepted by the sixth, your credit footprint will not look any worse than when you started.
WHICH BANKS ARE LENDING MORTGAGES?
The number of mortgages approved by banks and building societies for house purchases in the UK rose for the first time in a year, according to the Bank of England. Almost 33,000 home loans were approved in September 2008, a rise of about 1,000 compared with the August record low of the previous month. However mortgage lending was still below the average of the previous six months. Homeowners had hoped that recent base rate cuts and help for banks would ease the squeeze on mortgage lending.
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WHERE CAN I GET A MORTGAGE?
The plunge in mortgage lending comes as the mortgage drought triggered by the global credit crunch continues to make banks need to hoard funds and tighten criteria for potential borrowers.
The fact is that most banks and particularly building societies are still in the mortgage market but they are cherry picking their applicants and only prepared to make offers on properties where there is plenty of equity to protect them against further price falls.
WHICH LENDERS OFFER THE BEST DEALS?
This will always depend on your personal circumstances and the value of the property compared against the amount you wish to borrow. As property prices are continuing to fall and there is a plethora of properties on the market; with many people desperate to sell; property buyers should consider making offers of well below the asking price.
First of all, the vendor may be happy to accept a substantially lower offer and secondly, the loan to value of the property will help obtain a better mortgage offer.
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WHAT BANK WILL MAKE ME A MORTGAGE OFFER?
Again, this will depend on your financial situation. If you have a history of bad credit, CCJs and a default record, you will be limited by the number of banks prepared to entertain your mortgage application. If you have a spotless credit record and are have a large deposit or substantial equity in your property; then just about any lender will be keen to do business with you.