For Your Protection and Peace of Mind
All our loans & procedures are approved and qualified by our fully experienced compliance team to ensure they meet our high standards and comply with all current regulatory requirements
 News |
|
Search Categories |
| Archive News |
Higher loan-to-value mortgages 'hard to approve'
It is often difficult for consumers to get approval for high loan-to-value mortgages, according to an expert.
Ray Boulger, senior technical manager at mortgage adviser John Charcol, said the issue of approvals is the "big problem" which people often face when applying for such financial products.
He added that while there are lenders offering such deals, the proportion of applications rejected tends to be higher than the number for those looking to borrow 75 per cent or below.
"First-time buyers in particular tend to find it much more difficult to get a good credit score because the things that you have to prove to get a good credit score include being able to handle credit," he explained.
Mr Boulger added that such problems mean it is unlikely that "any significant improvement" in the fortunes of first-time buyers will be seen soon.
Recent figures from the Council of Mortgage Lenders suggested that first-time buyers made up the lowest proportion of house purchase loans since September 2007 during April.