The Bank of England has recently released its quarterly report on the trend in mortgage lending. It goes without say that the results of this report are in line with current downward trends in UK mortgage provision. But what does this mean for people wanting to sell their properties quickly?
If you want to sell your house fast you need to be aware of the mortgage which your potential buyers will face.
If you want to sell your house fast it is important to understand that most of your potential buyers will be using a mortgage to purchase your the property. For this reason, as a buyer, you need to pay close attention to the bank’s appetite to lending.
Banks simply do not want to take risks with first time buyers as well as those with buy-to-let properties which do not make stack financially.
There are 2 schools of thought about the way things are going with lending. On one hand, hard core investors argue that the tightened lending criteria are good because it eliminates risky customers. However, there is the second school of thought which states that the stringent lending criteria is only harming the lenders and slowing the already turbulent economy.
Our view is that extremes of any kind are not good. So, overly stringent lending criteria can have an equally negative effect as sloppy lending criteria. It is possible for lenders to be confident that they are lending to clients who are able to maintain their debt, while ensuring that the economy does not turn to molasses. We think the way to accomplish this is for lenders to understand the unique situation of each client in order to score them on a case by case basis.
Property Resolution understands the complexities that the current banking system poses, and we are prepared to act!
This means that people who cannot re-mortgage and are unable to maintain their payments can turn to Property Resolution as an option if a quick property sale is required.
Last time we checked, there is no crystal ball indicating when lenders will start playing ball. However, we at property-resolution understand the importance of selling during stringent times, and we are committed to help sell your property fast.