Since the awareness of the troubles America is going through with sub-prime mortgages, the effect within the UK is now becoming apparent. Lenders are tightening their purses and making it more difficult for those with a bad credit history to get a mortgage.
Even those who are self-employed and self certify their accounts and salary may start to notice a change. This a noticeably different attitude from what we have experienced in the past few years, where we have seen lenders offer loans and mortgages in a much more ‘relaxed’ fashion.
Just remember to complete any loan application accurately - don’t overestimate what you need to borrow, what you earn or how much you can afford, as it may cause more trouble in the future and put your home at risk.
Read the full BBC News article here.
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